VW has to spend another $3 billion to fix its rigged diesel vehicles in the United States, lifting the total Dieselgate bill to around $30 billion.
It’s been two years since the Dieselgate scandal first broke out but VW can’t seem to put it behind it and focus instead on transforming itself into a mass-producer of electric cars.
VW said it was setting aside an extra $3 billion as hardware fixes for the models affected by the emissions scandal were proving tougher than expected and would require more time for them to fix them, Reuters reports.
VW shares fell as much as 3 percent on Friday, as traders and analysts expressed their dismay that the German car maker was still setting aside money for the emissions scandal.
An analyst from Evercore ISI said that the news were unexpected and unwelcome, “not only from an earnings and cash flow perspective but also with respect to the credibility of management”.