The $2.9 billion third-quarter charge for the USA diesel scandal was attributed to a higher-than-expected cost of fixing the cars.
The scandal came to light in September 2015, when the company admitted some 11 million of its diesel vehicles world-wide were equipped with software that allowed them to sidestep emissions testing.
While it's likely that VW is hoping for some good press after the diesel cheating scandal of two years ago, company headquarters in Germany issued a terse, two-sentence press release Friday announcing that the company will take a third-quarter charge of €2.5 billion ($2.9 billion) to boost its provision for North American buyback/retrofit programs related to the diesel scandal.
The German automaker said today that it is increasing provisions for a buyback and retrofitting program for 2-liter TDI vehicles that was part of settlements over its diesel emissions scandal.
"We have to work more on the hardware", he said.
Every company runs into unexpected costs, but a surprise $3 billion (yes, billion) hit isn't something you see every day.
Trump HHS Secretary To Pay The Price For Private Jet Indiscretions?
Price's spending habits. "We're going to work through this", he said, following a public event in Washington about the flu season. Back in August, the president was asked if he still had confidence in Steve Bannon, then a senior strategist in the White House.
Stabbing at NYC school leaves 1 teen dead, another critical
It started with "back and forth" between the three students and quickly escalated, according to Boyce. The suspect had been feuding with the victims since the beginning of the school year.
IPhone X Supply Shortage Caused by Delay in Assembling 'Romeo' Modules
As Touch ID does with fingerprints, Face ID and the TrueDepth camera don't actually store an image of your face. Interestingly, Apple also details how Face ID will keep up with changes to a user's face over time.
German police arrested the former chief of engine development on Wednesday in connection with the vehicle maker's attempt to rig diesel-powered automobiles to deceive emissions testing.
Hatz was Audi's head engine developer from 2001 until 2007 when he was promoted to VW Group powertrain chief. He was suspended after the diesel emissions test-cheating was exposed. One man has so far been jailed in connection with the scandal: Volkswagen engineer James Liang received a 40 month sentence in a USA court last 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.
The additional costs will be reflected in VW's third quarter results, which will be reported next month. Facing threats of a ban on diesel cars by German cities under pressure to reduce pollution, Volkswagen and other auto makers are offering up to EUR10,000 in discounts on a new auto for customers who trade in old diesel vehicles.