FILE PHOTO – An employee fixes a VW sign at a production line of the electric Volkswagen model ID.3 in Zwickau, Germany, February 25, 2020. REUTERS/Matthias Rietschel
FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) said its diesel cheating scandal has cost it 31.3 billion euros ($34.69 bln) in fines and settlements, and the German carmaker expects costs to rise by another 4.1 billion euros, Chief Financial Officer Frank Witter said on Tuesday.
Volkswagen was caught hiding excessive levels of toxic diesel emissions in 2015, a scandal that led to a management rout and thousands of regulatory probes and lawsuits which are taking years to settle.
“We expect special effects of 2.9 billion euros in 2020 and 1.2 billion euros in 2021,” Witter said on a webcast of the company’s annual results press conference.
Reporting by Edward Taylor; Editing by Michelle Martin