Volkswagen's Stock Gains Ahead Of U.S. Chief's Testimony To Congress

Volkswagen AG's stock climbed 2.8% in European trade Thursday, as investors await the head of the troubled German car company's U.S. operations, Michael Horn's, testimony to U.S. lawmakers. In a prepared statement regarding the emissions cheating scandal, to be delivered to the House Energy and Commerce subcommittee at 10 a.m. Eastern, Horn offers a "sincere apology" for the yearslong deception, according to a report in The Wall Street Journal. While U.S. lawmakers are likely to ask when Horn first became aware of the cheating on emissions, he repeats in his prepared remarks that the company disclosed the cheating to regulators on Sept. 3, but also that he was informed in spring 2014 of "possible emissions noncompliance that could be remedied," the WSJ report said.