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A $3 Billion Charge for Volkswagen as Dieselgate Drags On

TheMotleyFool

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A $3 Billion Charge for Volkswagen as Dieselgate Drags On

German auto giant Volkswagen AG (NASDAQOTH: VLKAY) warned on Friday that it will take a surprise one-time charge of about 2.5 billion euros ($3 billion) against its third-quarter earnings, as its efforts to buy back or repair diesel-powered vehicles in North America have proven more costly than it had expected.

Wall Street analysts polled by Bloomberg had expected VW to report an operating profit of 4.45 billion euros for the third quarter, on average, before the charge was announced.

VW will take a new $3 billion charge related to its efforts to buy back or repair about 482,000 vehicles in the U.S. powered by its 2.0 liter "TDI" diesel engine. Image source: Volkswagen AG.

Source: Fool.com

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