Last year Toyota reported 10.5 million total car sales in 2021, outpacing Volkswagen by more than 1.5 million. Pre-pandemic in 2019 Volkswagen had edged out Toyota by 200,000 cars with 10.9 million vehicles sold.

What's more, Volkswagen shares have also lagged under Diess, gaining only about 10% since he was named CEO in 2018 — far below Toyota (TM)'s 60% gains in that time. So far this year, Volkswagen (VLKAF)'s Germany-listed shares are down 28%.

*

As part of the management management shakeup, chief financial officer Arno Antlitz will become chief operating officer.

— CNN Business' Peter Valdes-Dapena contributed to this report.

Last year Toyota reported 10.5 million total car sales in 2021, outpacing Volkswagen by more than 1.5 million. Pre-pandemic in 2019 Volkswagen had edged out Toyota by 200,000 cars with 10.9 million vehicles sold.

What's more, Volkswagen shares have also lagged under Diess, gaining only about 10% since he was named CEO in 2018 — far below Toyota (TM)'s 60% gains in that time. So far this year, Volkswagen (VLKAF)'s Germany-listed shares are down 28%.

*

As part of the management management shakeup, chief financial officer Arno Antlitz will become chief operating officer.

— CNN Business' Peter Valdes-Dapena contributed to this report.