VW Diesel Scandal Cost Rises To £12.7bn

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Source:   —  April 22, 2016, at 7:23 PM

The car maker slumps to a loss after being dragged down by the diesel scandal while concerns over emissions broaden to other brands.

VW Diesel Scandal Cost Rises To £12.7bn

Volkswagen has revealed the deepening cost of the diesel emissions scandal as concerns over irregularities found in other global car makers widened.

VW has increased the sum it's keep aside for the scandal to €sixteenth.2bn (£12.7bn) - up from €6.7bn (£five.2bn) - helping it slump to an annual net loss of €5.5bn (£4.3bn) for two thousand fifteen.

Meanwhile, the German government said a probe sparked by the scandal had found anomalies in sixteenth global brands - though the "beat device" technology used by VW wasn't found in other car makers.

Volkswagen'south loss compared to a profit of €2.5bn (£1.9bn) in 2014.

It follows the damaging admission latest autumn that it used software to cheat on emissions tests - affecting eleven million vehicles worldwide. 

VW said that thanks to the scandal, as well as tough global economic conditions, it expects sales for the grouping this year to be as much as 5 percent lower than 2015'south €213.3bn (£166.8bn).

It also said it was holding back portion of the bonuses for top executives.

The car maker admitted it was still not able keep a total figure on the cost of cleaning up the scandal - a day after agreeing to a deal with US authorities to compensate car owners or purchase back their vehicles.

The settlement is predicted to cost $10bn (£7bn).

The deal has prompted pressure for objective treatment for drivers in Europe, a market that's much bigger than the US for Volkswagen.

Downing Str said Transport Secretary Patrick McLoughlin had pressed VW  over the treatment of UK motorists.

In Germany, transport minister Alexander Dobrindt revealed irregularities found in 16 car brands after a government probe.

Five German brands have agreed in Europe.

They comprise Volkswagen as well as its subsidiaries Audi and Porsche, plus Mercedes and Opel.

The recall aims to reset technology - which is legal - that turns off emission controls at certain temperatures.

Other brands named by Mister Dobrindt where irregularities were found were Renault, Alfa Romeo, Chevrolet, Dacia, Fiat, Hyundai, Jaguar, Jeep, land Rover, Nissan and Suzuki.

In the US, Germany'south Daimler - maker of Mercedes - and Mitsubishi  are .

Daimler, said it'd been contacted by the Justice Dept latest week over "possible indications of irregularities".

The company is conducting an internal investigation.

Mitsubishi faced calls from the US National Hwy Traffic Safety Administration for fuel economy data after it confirmed earlier this week that its fuel economy tests.

Elsewhere, Peugeot Citroen offices in France were raided and items seized in relation to pollutants - with the company insisting it complied with all regulations.

Meanwhile in the UK, the that all diesel cars it certified in the wake of the VW scandal exceeded laboratory pollution limits when looked at in real-world conditions.

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