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  • William Maley
    William Maley

    By William Maley •

    As the Diesel Emits: Volkswagen's Total Diesel Emission Scandal Bill Rises to $30 Billion

      Ka-Ching!

    Volkswagen's decision to use illegal software on their diesel vehicles has been costing them dearly. Reuters reports that Volkswagen is setting aside an additional 2.5 billion Euros (about $2.95 billion) due to difficulties with fixing the affected diesel models, particularly with the hardware.

    "The reason is an increase in provisions relating to the buyback/retrofit program for 2.0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming," the company said in a statement.

    This pushes the total bill to $30 billion.

    The news comes a day after German prosecutors arrested Wolfgang Hatz, former r&d head of Porsche and head of powertrain development for Audi and Volkswagen. Hatz is being questioned by prosecutors for his involvement in the diesel emission scandal.

    “Investors will understandably worry what else may be next,” said BNP Paribas analyst Stuart Pearson.

    This news brought the share price of Volkswagen down three percent.

    Source: Reuters

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    ocnblu
    On 9/29/2017 at 3:53 PM, dfelt said:

    AND In Breaking news we have More Black Eye's scheduled for VW!

    Makes one wonder how fast all the Diesel's will Die and their EV product line will emerge. If they still have cash to create anything. :scratchchin:

    Shouldn't that be "new's"?  :roflmao:

    • Haha 2
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    riviera74

    VW is owned by Lower Saxony, a German Lander (similar to that of a province or a US state).  VW will not be allowed to die.  Daimler or BMW are far more likely to disappear since those two automakers are not owned by a state government.

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    Scout

    This could do more financial damage than cheat software.  Not because of fines, but because of public image. I saw the story on the news this morning. All they said was VW was testing diesel emissions on monkeys, then moved on. If the population only hears that and not the part about VW didn't promote or condone those tests, and took action against it, opinion could plummet doing real damage. I could talk to a room full of people and be surprised if anyone knew about the cheat software. However, in today's society, everyone is more than happy to jump on the latest cause.  And animal cruelty is the kind of thing that spreads like wild fire on social media. If this goes viral it would be hard to find someone that didn't hear about it.  That could be a bigger problem than government fines. 

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