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Volkswagen A.G. has set aside €16.2 billion ($18 billion) to cover the cost of the diesel emissions scandal, up from the €6.7 billion it reserved in 2015, reports BBC.
The increased sum includes the cost of buying back vehicles, fixing cars that violate air pollution standards and legal costs. The news comes as German automakers, including Adam Opel A.G., Mercedes Benz and Porsche A.G. agreed to recall 630,000 diesel vehicles to fix engine software.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
2. Zurich Insurance to stop underwriting new oil and gas projects
3. Bermudan, European reinsurers to suffer major hit from bridge collapse
4. Tycoon gets death sentence for multi-billion-dollar fraud
5. Inflation drives 10% increase in sum insured for windstorms
6. Apple loses bid to throw out $977M lawsuit over app store fees