German media: VW says diesel scandal cleanup to cost €2b in 2019

Mechanic staff work on the production line of Volkswagen e-Golf in the Glaeserne Manufaktur plant in Dresden May 8, 2018. — Reuters pic
Mechanic staff work on the production line of Volkswagen e-Golf in the Glaeserne Manufaktur plant in Dresden May 8, 2018. — Reuters pic

FRANKFURT, Dec 22 — Volkswagen’s cleanup of a diesel cheating scandal will cost it €5.5 billion (RM26.1 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. — Reuters

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