I scoffed when VW set aside 18 billion euros back in 2015 to resolve its emissions scandal. I had conservatively figured a minimum of 35 billion euros. Well, now all the chickens are coming home to roost.
VW Fights Investors as Diesel-Scandal Cost Could Top $35 Billion
Volkswagen AG’s bill for cheating on diesel emissions could potentially top 30 billion euros ($35 billion) as a legal battle with thousands of investors heats up in the German carmaker’s own backyard.
But the corporate kick-off doesn't end there. VW petrol engines are currently under investigations also. This could literally wipe VAG off the face of the earth.
Today, matters got a whole lot worse.
EU investigates 'collusion' by VW Group, BMW, Daimler on emissions
BRUSSELS — EU antitrust regulators are investigating whether BMW, Daimler and Volkswagen colluded to restrict the rollout of clean emission technology, a move that could lead to hefty fines for the German carmakers...
Companies can face fines up to 10 percent of their global turnover for breaching EU rules. The car industry has in recent years faced billion euro fines worldwide for fixing prices of various auto parts.
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