Volkswagen Lost $33.6Bln Due To 2015 'Dieselgate' Scandal - Reports

Volkswagen Lost $33.6Bln Due to 2015 'Dieselgate' Scandal - Reports

German automotive giant Volkswagen AG has lost 30 billion euros ($33.6 billion) since the so-called dieselgate in 2015, when the car maker admitted to tampering with diesel engines to falsify emission tests, local media reported on Thursday, citing the automaker's revenue report for the first quarter of 2019

MOSCOW (UrduPoint News / Sputnik - 02nd May, 2019) German automotive giant Volkswagen AG has lost 30 billion Euros ($33.6 billion) since the so-called dieselgate in 2015, when the car maker admitted to tampering with diesel engines to falsify emission tests, local media reported on Thursday, citing the automaker's revenue report for the first quarter of 2019.

According to the report, as cited by the n-TV broadcaster, Volkswagen set aside 1 billion euros in the first quarter of this year alone for legal issues related to the diesel scandal.

Volkswagen AG is currently facing about 60,000 legal proceedings in Germany, the news outlet added.

US regulators accused Volkswagen in 2015 of falsifying emission test results for its diesel-engine cars. The automaker admitted that 11 million diesel cars worldwide had been equipped with pollution test cheating devices and agreed to pay nearly $15 billion in settlement.

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