Suarez™ Posted July 23, 2016 Posted July 23, 2016 Volkswagen is setting aside more funds to deal with fallout from the diesel crisis, adding 2.2 billion euro ($2.4 billion) to the 18 billion euro war chest. The automaker made the decision to set aside more funds in light of continuing legal risks in the U.S. VW issued a brief, unscheduled statement addressing its financial results from the first half of the year, while mentioning the additional risks it faced. "The Group Operating Result before special items for the first six months is 7.5 billion euro despite the ongoing economic impact from the diesel issue," VW said in a statement. The announcement comes a few days after three U.S. states filed a lawsuit against the automaker for violations of environmental regulations, also alleging that its former CEO covered up evidence of emissions-cheating efforts and its current CEO, Matthias Mueller, knew about the software for several years. News of this allocation also comes a few days after VW representatives told their U.S. dealers that they will provide some form of compensation in relation to the diesel crisis, which has caused considerable turmoil within dealer ranks and threats of lawsuits.
Recommended Posts