Volkswagen CEO Matthias Mueller apologized to Obama over scandal

Volkswagen‘s CEO states he apologized in person to U.S. President Barack Obama for the carmaker’s emissions scandal, in which it rigged its cars to cheat on diesel motor pollution tests.

CEO Matthias Mueller stated he held a “2 minute” discussion with the president throughout his see to Hannover, Germany, this week.

“I seized the day to ask forgiveness to him personally for this matter,” Mueller said throughout the business’s annual news conference Thursday in Wolfsburg, Germany.

“I likewise revealed my thanks for the positive cooperation with his authorities and naturally revealed the hope that I can continue to fulfill my responsibilities for 600,000 workers, their families, the suppliers, the dealers,” Mueller stated.

The United States Environmental Protection Agency (EPA) might levy fines of up to $18 billion, however analysts believe the penalty will not be that extreme. Volkswagen appeared to endorse that view by stating it had reserved 7.0 billion euros globally for legal costs from 2015, on top of 7.8 billion euros ($8.8 billion) to cover repairs and an offer to buy back some 500,000 defective vehicles.

Overall, the company subtracted 16.2 billion euros from last year’s profits to cover the expenses of the scandal.