Volkswagen sets aside $6.16 billion for contingent liabilities arising out of emission scandal

The diesel emission cheating scandal has so far cost Volkswagen 30 billion euros.

Volkswagen’s Chief Financial Officer (CFO) disclosed, the carmaker has provisioned $6.16 billion (5.5 billion euros) in contingent liabilities in order to cover the cost of potential liabilities arising from its diesel cheating scandal.

The disclosure was made in VW’s quarterly earnings.

As a result, the overall cost of the diesel cheating scandal has now reached 30 billion euros.

In addition to the 5.5 billion euros, VW has also set aside 5.5 billion euros in contingent liabilities of which 3.4 billion euros has been earmarked to cover potential lawsuits, said Witter.

In 2015, during a routine test at a U.S. pollution testing center, VW was caught using illegal engine control software to cheat U.S. pollution tests by masking excessive levels of nitrogen oxide pollution coming from its diesel cars.

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