Volkswagen sets aside 5.5 billion euros to deal with diesel scandal

Volkswagen stated it has set aside 5.5 billion euros ($6.16 billion) in contingent liabilities to cover possible dangers emerging from a diesel cheating scandal, chief financial officer Frank Witter stated on Thursday.

With the release of quarterly revenues on Thursday Volkswagen revealed it had set aside 1 billion euros in risk provisions to assist in paying for the diesel emissions cheating scandal, taking the total cost of diesel cheating to 30 billion euros.

Furthermore, VW has set aside 5.5 billion euros in contingent liabilities of which 3.4 billion euros has been earmarked to cover possible lawsuits, Witter stated.

In 2015 VW was caught using unlawful engine control software to evade U.S. pollution tests by masking excessive levels of nitrogen oxide pollution coming from its diesel vehicles.