Volkswagen's Dieselgate Costs Hit $30 Billion
Volkswagen’s diesel emissions cheating scandal will cost it another $3 billion, with a total bill of $30 billion. The German car company said in a statement that fixes relating to the buyback/retrofit program are taking longer and are more complicated than expected. Their third quarter report will be published on October 27th.
Bloomberg reports after the news, Volkswagen shares fell as much as 4 percent and since September 2015, the stock has gone down about 15 percent.
The New York Times reports a day before the announcement, Wolfgang Hatz, the former head of engine development at VW was arrested in Munich for his connection with the emissions scandal.