Scandal may force VW to put more funds
Print Edition
Volkswagen may have to set aside over 6.5 billion euros (US$7.4 billion) it has so far allocated to cover the costs of an emissions scandal if car sales suffer, its chief executive said yesterday.
鈥淭he 6.5 billion (euros) apply to the recall,鈥 Matthias Mueller said after a tour of VW鈥檚 headquarters in the German town of Wolfsburg.
鈥淚 can only speculate about any further provisions. Should there be a change in sales volumes, we would react rapidly.鈥
Lower Saxony Premier Stefan Weil, a VW supervisory board member, said sales had been stable in October so far.
VW also said it had stopped the sale within the European Union of new cars containing the software that can cheat diesel emissions tests.
VW admitted on September 18 that it used illegal software to cheat emissions tests on diesel vehicles in the US, sparking the biggest business crisis in its history.
The admission has wiped about a quarter off its stock market value, forced out its long-time chief executive and sparked investigations and lawsuits across the world.
Asked whether a small group of employees could have alone been responsible for the deception, Mueller said: 鈥淲e are still deep in the middle of the clarification, including the question of the possible culprits and causes.鈥
Mueller, who replaced former CEO Martin Winterkorn a week after the scandal broke, said the investigations were 鈥渞elatively extensive and complicated.鈥
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