Volkswagen to take $18.2-billion hit on emissions scandal – Los Angeles Times

Posted: Friday, April 22, 2016

Carmaker Volkswagen on Friday capped two grim days for the German auto industry by revealing that its diesel emissions cheating cost it a chunky $18.2 billion for 2015 alone — and that’s likely only a part of the total bill.

The revelation last September from U.S. environmental authorities that the company had been cheating on emissions tests rocked one of the most venerable brand names in the global auto industry and cost it its chief executive as well as generations of goodwill.

It’s also raised questions over the practices of other carmakers. On Friday, German government officials said five German brands, including Volkswagen, would conduct a voluntary recall over emissions issues, a day after Mercedes-Benz owner Daimler said it was conducting an internal investigation into its emissions certifications at the request of U.S. authorities.

The Volkswagen announcement follows agreement in a U.S. federal court in San Francisco on the outlines of a deal with U.S. environmental authorities.

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