Volkswagen (ETR:VOW) has announced that they will not lower the planned 6.7 billion euros for the costs of its diesel emissions scandal, despite the fact that the fix needed to make the cars compatible with EU regulations is simpler than expected.
Audi, who is owned by Volkswagen, said in a statement that to fix the problem a mesh needs to be fitted near the air cleaner, which will take approximately one hour of labour.
“Audi has agreed with the environmental authorities on further steps of cooperation in which the concrete measures to be taken will be specified,” Audi said in a statement. “The company has committed to continue cooperating transparently and fully. The focus will be on finding quick, uncomplicated and customer-friendly solutions.”
Volkswagen have been in negotiations with banks in order to find the 20 billion euros needed to cover the costs of the scandal, in which it was found that VW had installed software to dupe gas emissions tests. Analysts expect that the total bill could top 40 billion euros.
According to Chief Executive Matthias Mueller, the steps needed to fix the vehicles are “technically and financially manageable.”
Volkswagen are currently trading up 2.12 percent on the news, at 129.85 pence per share.
25/11/2015
