VW to take $2.9 billion charge over diesel retrofit costs
BERLIN (AP) — Volkswagen says it expects to take charges of about 2.5 billion euros ($2.9 billion) in the third quarter to cover the costs of buying back and retrofitting diesel cars in North America.
The German automaker said Friday that it is increasing provisions for a buyback and retrofitting program for 2-liter TDI vehicles that was part of settlements over its diesel emissions scandal. It said that the program "is proving to be far more technically complex and time consuming."
The company has been under a cloud since 2015 over its equipping of diesel cars with illegal software that enabled cheating on U.S. emissions tests.