New Volkswagen boss Matthias Mueller expects the company to start recalling cars involved in the emissions scandal at the start of next year.
Last month, it was revealed that millions of the German company's diesel vehicles were fitted with technology that allowed them to cheat in emissions tests. An estimated 11m cars worldwide are affected by the scandal, including 1.2m in the UK. Volkswagen's share price has plummeted since, and is down nearly 30 per cent over the month.
In an interview with German newspaper Frankfurter Allgemeine Zeitung, Muller said:
If all goes according to plan, we can start the recall in January. All the cars should be fixed by the end of 2016.
Read more: UK government confirms customers will not have to pay additional tax on diesel "cheat" cars
Mueller, who took over from Martin Winterkorn in light of the revelation, also said that in two or three years he believes the company will “shine again”.
This crisis gives us an opportunity to overhaul Volkswagen's structures, We want to make the company slimmer, more decentralised and give the brands more responsibility.
Every model belonging to the company will have to be studied to evaluate its contribution. VW said it is putting €6.5bn (£4.9bn) aside to cover costs it is likely to face as a result of the scandal.