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VW says diesel scandal cleanup to cost 2 billion euro in 2019: paper

Stock MarketsDec 22, 2018 11:32AM ET
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© Reuters. FILE PHOTO: Car manufacturers display their wares on the show floor of the North American International Auto Show in Detroit

FRANKFURT (Reuters) - Volkswagen's (DE:VOWG_p) cleanup of a diesel cheating scandal will cost it 5.5 billion euros ($6.25 bln) in 2018 and around 2 billion euros in 2019, Chief Financial Officer Frank Witter told German weekly Boersen-Zeitung.

Since 2015, the German car making group has paid more than 27 billion euros to settle investor and consumer lawsuits as well as regulatory fines and remedies tied to resolving excessive emissions levels in its diesel cars.

In 2020 Volkswagen Group will see costs of about 1 billion euros related to emissions cheating, Witter told the paper.

VW is sticking to plans for listing its trucks business in 2019 and continues to see growth potential in China, the world's largest car market, Witter said.

($1 = 0.8797 euros)

VW says diesel scandal cleanup to cost 2 billion euro in 2019: paper
 

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Comments (1)
Chris Sundo
Chris Sundo Dec 22, 2018 11:09AM ET
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Doesn't it show that when common sense fails on a small scale that it must fail on a big scale? And multiple car manufacturers colluded. Whoa .. that puts a new spin on the word 'big'
 
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