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Volkswagen to take new $3 bn third-quarter hit over diesel scandal

"You have to ask if this is a bottomless pit," said one Frankfurt-based trader.

Reuters  |  BERLIN 

Volkswagen added provisions of around 2.5 billion euros ($3 billion) on Friday to the mounting total from its diesel emissions scandal, which has already cost the company around 20 billion euros. "The reason is an increase in provisions relating to the buyback/retrofit program for 2.0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming," it said in a statement. Its shares dropped after the statement and were down 3.1 percent by 0757 GMT, at the bottom of the German blue-chip DAX index, ...

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First Published: Fri, September 29 2017. 14:09 IST