The new chairman of Volkswagen Group has reportedly said the emissions scandal is a threat to the company’s viability.

Hans Dieter Poetsche (pictured) is quoted by German publication Welt am Sonntag as saying the issue is ‘existenzbedrohend’, or  "existence-threatening crisis for the company".

Alongside loss of consumer confidence concern focusses on VW’s credit rating with fears of a downgrade by banks damaging the company’s investment plans.

But he said VW could overcome the crisis.

VW has admitted fitting software in group cars to cheat diesel emissions tests.