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VW books deep loss, massive provisions in wake of engine-rigging scandal

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Embattled German carmaker Volkswagen said Friday it is setting aside 16.2 billion euros (S$24.64 billion) in provisions to cover the anticipated costs of the global engine-rigging scandal it is engulfed in.

[FRANKFURT] Embattled German carmaker Volkswagen said Friday it is setting aside 16.2 billion euros (S$24.64 billion) in provisions to cover the anticipated costs of the global engine-rigging scandal it is engulfed in.

The massive charge pushed the auto giant deeply into the red in its 2015 accounts, where it booked a bottom-line loss of 1.582 billion euros, VW said in a statement.

AFP