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Emissions scandal: VW to take R263-billion hit

2016-04-25 09:30

VW TO COUGH UP: Volkswagen is expected to buy back more than 500 000 vehicles that have the "faulty" software installed. Image: AFP / Patrick Pleul

Wolfsburg, Germany - Volkswagen said on Friday that it is to take a 16.2 billion-euro hit in its 2016 accounts related to a diesel-emissions scandal identified in the US in 2015.

The announcement came ahead of a news conference at its Wolfsburg headquarters that follows the outlines of a deal with US environmental authorities.

Under the terms of the proposed deal, Volkswagen would offer to buy back almost 500 000 cars equipped with software that let the cars to cheat on emissions tests.

Total cost yet to be determined

The company had delayed its earnings announcement until it could get a better estimate of the costs involved. Analysts say the total costs in fines, legal judgments and lost sales will be significantly higher.

Volkswagen also said it will not be able to release results of an internal probe of its emissions scandal this month as expected. The company now says the probe conducted by US law firm Jones Day could be completed by year end.

The company said early release of partial results would interfere with settlement negotiations in the US and could interfere with cooperation with U.S. law enforcement.

However, it said will post an after-tax loss of 1.36 billion euros for 2015 and a net loss of 5.5 billion euros.

Read more on:    volkswagen  |  germany  |  emissions scandal

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