How much money did Volkswagen lose from the scandal?
FRANKFURT (Reuters) – Volkswagen said its diesel cheating scandal has cost it 31. German carmaker expects cash outflows to continue until 2021, adding that these have already been provisioned for. In April 2017, a US federal judge ordered Volkswagen to pay a $2. Winterkorn was charged in the United States with fraud and conspiracy on 3 May 2018.The scandal led to a quarterly loss for the first time in 15 years, illustrating the magnitude of the issue. The U. S. VW to settle fines and damages for 580,000 affected vehicles.
What were the effects of the VW scandal?
This discovery led to an immediate plunge in Volkswagen’s stock price; government investigations in North America, Europe, and Asia; the resignation of its CEO and the suspension of other executives; the company’s record loss in 2015; and a tab estimated at more than $19 billion to rectify the issues. In the aftermath of the scandal, Volkswagen’s stock price plummeted, and the company faced significant financial challenges. To address these challenges, the company implemented a number of measures, including cost-cutting measures and a restructuring of its operations.By replacing leadership, restructuring the organization, and focusing on electric vehicle innovation, Volkswagen was able to rebuild its reputation and regain market share.