VW’s emission problem cost carmaker 3.6 billion Euros in 2018

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VW’s emission problem cost carmaker 3.6 billion Euros in 2018

Volkswagen, the German carmaker, spent at least $4.04 billion (3.6 billion euros) in 2018, to grapple with the new WLTP emission standards and to get its fleet of autos certified, amid policy tightening over Europe on environmental issue, at least two sources familiar with the subject matter revealed on Friday, the 8th of March 2019.

In an interview with a German Newspaper, Braunschweiger Zeitung, Volkswagen’s works council boss, Bernd Osterloh said, “It cannot be that billions are wasted, and this has no consequences”. Never the less, the world’s top-selling carmaker had been met with sheer criticism since 2015, after it was caught red-handed in two emission cheating scandal between 2015 and 2017.

Apart from that, rules over Europe on diesel vehicles had been getting tighter and Volkswagen had been paying a hefty price to cope up with that. The latest estimate, first reported in the Germany’s Der Spiegel, addressing sources closer to the works council had been brought into light, after Bernd Osterloh had demanded that the carmaker should have been taking actions for holding managers to accounts.

It had not been the first times world’s one the largest automakers, had been spending to maintain WLTP emission standards. However, followed by the reveal of the latest expense, Volkswagen’s share price ended the Friday’s (March 8th) market with a loss of 1.92 percent to 147.06 Euro, after falling as much as 3.5 percent to 145 Euro per share during the mid-day trading.