VW CEO says scandal will inflict substantial financial damage

[WOLFSBURG, Germany] Volkswagen's emissions scandal will inflict "substantial and painful" financial damage on the carmaker, Chief Executive Matthias Mueller said on Tuesday.

It will take years to fully gauge the financial implications of the scandal, Mueller told a gathering of workers at VW's base in Wolfsburg.

Volkswagen (VW) last year set aside 6.7 billion euros (US$7.39 billion) to cover costs of recalls of about 11 million affected diesel vehicles globally.

The implications of the scandal will keep VW busy "for a long time," the CEO said, adding the carmaker has made no attempts to conceal its wrongdoings.

REUTERS