Diesel scandal has cost Volkswagen 31.3 billion euros

2018 Volkswagen Tiguan

Volkswagen stated its diesel cheating scandal has cost it 31.3 billion euros ($34.69 billion) in fines and settlements, and the German automaker expects cash outflows to continue until next year, saying that these have already been provisioned for.

Volkswagen was admitted hiding excessive levels of toxic diesel emissions in 2015, a scandal that resulted in thousands of regulatory investigations and lawsuits worldwide which are taking years to settle.

“We expect special effects of 2.9 billion euros in 2020 and 1.2 billion euros in 2021,” Witter stated about possible cash outflows on a webcast of the company’s yearly results press conference.

A company representative later clarified that the cash outflows had already been provisioned for.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.