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VW Says It Won’t Sell Any Brands
Volkswagen AG Chairman Hans Dieter Poetsch says the company has no plan to sell a brand or issue stock to help pay for liability costs associated with its diesel emission cheating scandal.
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Volkswagen AG Chairman Hans Dieter Poetsch says the company has no plan to sell a brand or issue stock to help pay for liability costs associated with its diesel emission cheating scandal.
Poetsch’s declaration to Germany’s Boersen-Zeitung business daily aims to dispel rumors that VW could be pushed into at least one of those options as repair costs and regulatory and legal fines pile up. The company admitted a year ago that it rigged 11 million diesel engines worldwide to evade emission standards.
VW has set aside €17.8 billion ($20 billion) to pay to repair the cheater engines. About 560,000 of the affected vehicles were sold in the U.S., where remedy costs so far have topped $15.3 billion. Additional U.S. fines and legal rulings remain.
But Poetsch insists VW won’t need to take further steps to cover future risk. He notes that VW remains financially solid and “has many options for financing.
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