Report: VW AG internal analysis puts cost of diesel emissions scandal at more than €30B
24 October 2015
Germany’s Manager Magazin reports that Volkswagen AG’s internal analysis puts the cost of the diesel emissions scandal at more than €30 billion (US$33 billion). The unconfirmed report says that CEO Matthias Müller plans as far as possible to allocate the charges against the Volkswagen brand in an effort to keep other brands such as Audi and Porsche stable.
As part of the new austerity program (earlier post), Volkswagen reportedly will freeze promotion for 2016, and try to use as many current components as possible for the next generation Golf.
In addition to cost-cutting, the Group will put an increased emphasis on improving efficiency, the report said.
I've admired some of their engineering, but VW's cynicism has caught up with them.
They dissed electric vehicles even whilst they poured billions into developing them, almost right up to the point they were ready to sell them.
They are letting Toyota do all the heavy lifting on fuel cell cars, even though they agree it is a good way forward.
It is good to see such an outlook come unstuck.
Posted by: Davemart | 24 October 2015 at 12:26 PM