Volkswagen emissions scandal bill hits $30 billion after another charge

by SpeedLux
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In the United States, Volkswagen is taking another $3 billion charge to repair diesel engines, lifting the overall bill for its emissions-test scandal to around $30 billion.

The automaker is having a hard time to put the two-year-old scandal behind it, and working to change itself into a maker of mass-market electric vehicles.

On Thursday, Munich prosecutors stated they had jailed a former Porsche management board member, the first top executive within the group to be apprehended in the middle of a widening probe into cheating at the automaker’s Audi brand.

VW’s growing financial troubles and Wolfgang Hatz’s arrest were likewise talked about on Friday at a regular meeting of the automaker’s supervisory board, an individual knowledgeable with the matter said.

VW shares dropped as much as 3 percent on Friday, as traders and experts revealed dismay that the company was still scheduling charges for “Dieselgate”.

Evercore ISI expert Arndt Ellinghorst stated the news was unforeseen and undesirable, “not just from an earnings and capital perspective but also with respect to the reliability of management”.

Volkswagen had confessed in September 2015 that it had utilized prohibited software to cheat U.S. diesel emissions tests, triggering the biggest business crisis in its 80-year history. Before Friday, it had reserved 22.6 billion euros ($26.7 billion) to cover costs such as fines and auto refits.

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