Volkswagen CEO Admits Emissions Cheating Scandal Cost Will Be Devastating

Volkswagen Group CEO Matthias Mueller said the automaker's diesel emissions scandal will inflict "substantial and painful" financial damage on the company, as board member Stephan Weil warned that he expects more unpleasant news to emerge and German prosecutors said they have widened their investigation.

It will take years to fully gauge the financial implications of the scandal, Mueller told a gathering of workers at VW's headquarters here today. The implications of the scandal will keep VW busy "for a long time," he said.

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PUGPROUD - 3/8/2016 9:35:32 AM

+2 Boost

I love it...VW talking out of both sides of its mouth. Yesterday it tells investment community cost of US government settlement will be reasonable. Today it tells employees that costs will be devastating.
Translation...we need to calm our shareholders by delivering best numbers we can while making life miserable for our employees. Its the only strategy it can pursue though we all know it is going to be a long hard road for all concerned...shareholders, management, employees, dealers and customers.

skytop - 3/8/2016 10:09:07 AM

+2 Boost

The value of the VW brand has been shattered. All VW cars are now suspect.

MDarringer - 3/8/2016 10:01:21 PM

+2 Boost

FCUK VW

TomM - 3/9/2016 5:05:30 PM

+2 Boost

Our Local VW dealership closed down this month. It was in a recent facility (About 4 years old) specifically designed for VW. It seems that AUDI dealerships are doing better than VW around NJ. VW will likely have to allow Audi dealerships to perform warranty repairs. At least that will be a plus for the VW owners. THere are still a lot of non-diesel VWs that are around although I have not recommended a VW for years - because of their reliability problems with some engines and transmissions - which as really really expensive items to fix.

It may come to having AUDI and VW under the same roof - but then there are still those who do not know that Audi IS VW.