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Audi Says Its Diesel Cheating Costs Won’t Exceed €2 Billion
Volkswagen AG’s Audi unit says the €2 billion ($2.5 billion) it set aside for penalties related to its diesel emission cheating should be sufficient to cover all costs.
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Volkswagen AG’s Audi unit says the €2 billion ($2.5 billion) it set aside for penalties related to its diesel emission cheating should be sufficient to cover all costs.
Finance chief Alexander Seitz tells reporters that Audi has spent about €1.2 billion of the total to date. He says the company expects to disburse the remaining €800 million ($987 million) by the first quarter of 2019.
The funds are being used to pay for fines, repairs, vehicle buybacks and restitution involving to some 80,000 of its 3.0-liter V-6 diesels that were rigged to evade emission laws. German prosecutors are continuing to investigate Audi’s role in the VW Group cheating, which involved 11 million 4- and 6-cylinder diesels worldwide.
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