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VW Adds €2.5 Billion Charge for U.S. Diesel Buyback Program
Volkswagen AG says it will take a charge of €2.3 billion ($3 billion) in the third quarter to cover additional costs connected with retrofitting or buying back diesel-powered cars it rigged to evade emission laws.
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Volkswagen AG says it will take a charge of €2.3 billion ($3 billion) in the third quarter to cover additional costs connected with retrofitting or buying back diesel-powered cars it rigged to evade emission laws.
VW says the program, which targets roughly 475,000 2.0-liter diesel engines, has been far more complicated and time-consuming than it expected. The scandal involves 11 million engines worldwide, including some in other markets that also could be retrofitted or sold back to VW.
The new charge brings the total cost of VW’s diesel cheating scandal to more than €25 billion ($30 billion), according to Bloomberg News. It says the company is likely to report an operating profit of €4.5 billion in the current quarter.
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