Volkswagen positive outlook despite looming fines over emissions cheat

Friday, 29 April 2016 09:31

Volkswagen CEO, Matthias Müller and CFO Frank Witter at the press conference this week

Volkswagen provided more details about the impact of the massive diesel emissions scandal at its annual press conference this week. The German automaker expects to pay about AED29 billion (USD8 billion) to settle a host of fines and lawsuits, though fines could escalate to AED66 billion (USD18 billion). Volkswagen also announced it will pay close to AED33 billion to repair and recall the currently affected vehicles. Volkswagen CEO, Matthias Müller said he apologised to US president, Barack Obama about the incident this week, which involved the outfitting of millions of vehicles with devices designed to alter the results of vehicle-emissions tests.

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