Mexican Media Brands
VW Reportedly Has Finalized €20 Billion in Bridge Loans
Volkswagen Group has completed an agreement with 13 banks for about €20 billion ($21 billion) in bridge loans, sources tell Reuters.
#economics
Share
Volkswagen Group has completed an agreement with 13 banks for about €20 billion ($21 billion) in bridge loans, sources tell Reuters.
The credit lines are intended to help the carmaker maintain liquidity as it confronts the costs of repairs, fines and legal rulings surrounding rigged fuel economy and emission ratings for more than 11 million vehicles worldwide.
VW has estimated its scandal-related costs will be around €8.7 billion ($9.2 billion). Analysts previously warned that total expenses could balloon to three times that amount or more. But last week VW said it expects to bring most of its cheater engines into regulatory compliance with relatively simple software updates.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.