VW Adds $2.95B to 'Dieselgate' Scandal Costs

30 September, 2017, 15:32 | Author: Regina Lloyd
  • Audi Electric Cars To Be Built Around The World

Volkswagen added provisions of about 2.5 billion euros ($3 billion) on Friday to the mounting total from its diesel emissions scandal, which has already cost the company around 20 billion euros.

Roughly 11 million cars were recalled around the world for using software to cheat emission regulations, but with the majority of those being in Europe, a $3 billion hit for just a small portion of the cars suggest the automaker's woes are far from over, at least on the west side of the Atlantic.

It will be recorded as a negative special item in third-quarter results.

The arrest on Wednesday came after investigators searched two premises, a spokeswoman for the prosecution's office in the southern city of Munich told AFP.

On Thursday, Munich prosecutors said they had arrested a second person in connection with Audi's part in VW Group' emissions scandal but did not name the suspect. The latest charge raises the total USA cost to VW to just under $30 billion.




German media claim the person is Wolfgang Hatz, who stepped down from his post on Porsche's management board a year ago after being suspended over the "dieselgate" investigation. "It shows VW remains some distance from coming through the scandal".

Hatz was head of engine development at Audi from 2001 to 2007, before moving on to lead powertrain development at the VW group and then becoming research and development chief at Porsche, another VW subsidiary. One man has so far been jailed in connection with the scandal: Volkswagen engineer James Liang received a 40 month sentence in a United States court last month. While most of the cars in Europe have been repaired, tougher emissions and fuel economy rules in the US have made the job more hard, the company said.

The company is scheduled to present third-quarter financial results late next month.

At the Frankfurt motor show earlier this month, Volkswagen outlined plans to move away from combustion engines with electrified variants of all 300 models in the 12-brand group's lineup. He declined further comment at an event in suburban Detroit to announce a new longer warranty for VW vehicles.

Recommended:

  • The GoPro Fusion VR camera lets you recapture your spherical video

    The GoPro Fusion VR camera lets you recapture your spherical video

    Its six cameras on the device can capture VR and non-VR in 5.2K resolution and comes equipped with 360-degree audio. In addition to improved specs, GoPro also announced a new software feature called QuikStories .
    Police Arrest Suspect in Decades-Old Killer Clown Case

    Police Arrest Suspect in Decades-Old Killer Clown Case

    The crime was considered a cold case until 2014, when it was reopened by the Palm Beach County Sheriff's Office Cold Case Unit. Store clerks picked her out of a lineup and police found fibers from a bright, orange wig in Keen Warren's home.
    Mass Graves of Slain Hindus Found in Northern Myanmar

    Mass Graves of Slain Hindus Found in Northern Myanmar

    The camps also face dire shortages of food and medicine in what has quickly become one of the world's largest refugee settlements. Over the past month, thousands of Rohingya have fled from the brutal army-led crackdown across the border in Rakhine.
  • United States  stocks open higher after Yellen's comments

    United States stocks open higher after Yellen's comments

    If passed, the plan would be Trump's first significant legislative win since taking office in January. The greenback is also benefiting from talk that United States tax reform announcements are imminent.
    Construction begins on Mexican border wall prototypes

    Construction begins on Mexican border wall prototypes

    Mr Trump recently said the wall should be see-through, in order to prevent people from being hit on the head with sacks of drugs . Funding to extend the wall beyond its distance of 654 miles (1,046 kilometers) is in doubt.
    Longest Surviving Kashmiri Terrorist Gunned Down by Indian Forces

    Longest Surviving Kashmiri Terrorist Gunned Down by Indian Forces

    Because killing him would have been a big problem as he was already heading a huge network in north Kashmir", he said. After his release, he worked in an electrical shop for a few years and rejoined militancy in 1995.
  • OSU assistant coach turns himself in after fraud allegations

    OSU assistant coach turns himself in after fraud allegations

    Federal prosecutors have announced charges of fraud and corruption in college basketball, including against four coaches. Oklahoma State assistant basketball coach Lamont Evans has turned himself in to authorities Wednesday morning at the U.S.
    Should Prince Harry Show PDA? His Brother Certainly Doesn't

    Should Prince Harry Show PDA? His Brother Certainly Doesn't

    Markle kept it casual for the occasion and opted for a white button-down shirt, distressed jeans, and pair of Sarah Flint flats . The week-long event will see 550 competitors from 17 nations competing against one another in 12 different sports.
    Catalonia independence referendum: Trump says Spain should 'remain united'

    Catalonia independence referendum: Trump says Spain should 'remain united'

    State Department spokeswoman Heather Nauert had said earlier this month that the United States took no position on the referendum. They are cracking down on organisers by threatening them with prosecution.
  • Price Visited Family Members, Longtime Friends On Private Jet Trips

    Price Visited Family Members, Longtime Friends On Private Jet Trips

    Price has since defended the trips, stating that some were in response to the hurricanes that have hit the USA mainland. The rest of his 5.5 hours on the ground in Nashville was spent visiting and having lunch with his son, who lives there.
    'World's most valuable rough diamond' sold by Vancouver-based producer

    'World's most valuable rough diamond' sold by Vancouver-based producer

    In 1905, the 3,106-carat Cullinan Diamond was unearthed in South Africa, only to eventually be cut into several smaller pieces. It was unearthed by Canadian miner Lucara Diamond Corp almost two years ago at its Karowe mine in Botswana .
    Ratings Actually Improved During NFL's Tumultuous Week 3

    Ratings Actually Improved During NFL's Tumultuous Week 3

    Patriots owner Robert Kraft, who donated money to Trump's campaign, said he was "deeply disappointed" in the president on Sunday. NBC's ratings numbers do not include digital and live streaming. "He's fired, '" Trump told a crowd in Alabama on Friday night.


Popular

Aston Martin's New Submarine Is James Bond-Worthy
This week, the company announced a new design for a luxury submersible vehicle it's now calling Project Neptune. British sports auto manufacturer Aston Martin has revealed its new submarine project in Monaco.

EPA Chief Scott Pruitt Spent More Than $58000 On Non-Commercial Flights
While no previous EPA administrators had such a setup, the booth will not be the first SCIF constructed within the agency. In recent months, Pruitt and his top deputies have taken other steps aimed at heightening security.

Will deal with Democrats on health care, Trump says
This means any bill not backed by any Democrats can not pass with more than two GOP senators also voting against it. Lindsay Graham (R-SC), said of his recent focus on health care: "Well, I've been doing it for about a month".

Michelle In Talks To Join Tom Hardy, Riz Ahmed In 'Venom'
We learned back in August that Emmy Award victor Riz Ahmed is also reportedly in talks to join the cast of Venom . THR suggests that Ruben Fleischer , best known for his work on Zombieland (he also made 30 Minutes or Less ).

Speculation of Peyton Manning joining 2020 race for senator
During Corker's first campaign in 2006, Manning gave Corker $2,100 in both the primary and general elections. Bob Corker (R-Tenn.) said he will not seek re-election next year.

Man United's Eric Bailly ready for 'dream' Champions League debut
However, their UEFA Champions League fixture tonight isn't going to be an easy outing at the Russian capital against CSKA Moscow . With Belgium already qualified for the World Cup, Mourinho hopes Fellaini will be rested during the global break next week.

Palestine becomes Interpol member state
In this photo provided by Interpol, delegates are seated for the 86th session of the General Assembly, in Beijing, China, Wednesday, Sept. 27, 2017.

Russian aircraft fire cruise missiles at Daesh positions in Syria
The Russian jets also managed to destroy jihadists' rocket launchers and workshops that produce explosive-laden vehicles.

District Line Tube evacuated after phone charger explodes at Tower Hill station
A spokesman for British Transport Police said officers were called to the scene shortly before 12.30 this afternoon. The explosion itself appears to have been rather small, especially given the photos we've seen posted on Twitter .

Megyn Kelly shouts out Syracuse on new 'Today' show, faces harsh criticisms
She replaced Al Roker and Tamron Hall's third hour of " Today ", which was routinely the highest-rated program in its time slot. The leftist stars of "Will & Grace" looked horrified as Megyn Kelly made a gay joke while pandering to NBC's liberal audience.