A person briefed on the plan said the name Volkswagen Group of America, which also includes the Audi, Bentley, Bugatti and Lamborghini brands, won't change. Rather, only the ‘k’ in the Volkswagen brand itself will be changed to a ‘t.’
The curvy-topped sedans, which shook off Nazi origins to become a global auto phenomenon, are being sidelined as Volkswagen emphasises electric cars and larger family-oriented vehicles.
US District Court Judge Sean Cox also ordered James Liang to pay a $200,000 fine, 10 times the amount sought by federal prosecutors.
The company denies installing devices to cheat on emissions controls from 104,000 diesels engines that it produced.
Matthias Mueller is accused of holding back information from shareholders about the potential financial consequences from manipulating diesel emissions.
The German car maker's plan is part of an effort to recover from the diesel emissions cheating scandal and to invest further in electric and self-driving cars.
A year after the VW emissions scandal, the German car giant has been hit with damage claims in the district where it is based in Germany.
The recall of 2006-2009 models is to replace the front gas bottles which if corroded, might cause it to burst and create a considerable injury risk.
Porsche, Volkswagen, Opel, Audi and Mercedes diesel cars will be recalled to have their engine management systems fixed
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