Business

VW official says diesel scandal cleanup will cost it €5.5 billion this year and €2 billion in 2019

Reuters

Volkswagen’s cleanup of a diesel cheating scandal will cost it €5.5 billion ($6.25 billion) in 2018 and around €2 billion 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 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 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.

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