Cost of Volkswagen Scandal Could Hurt Company’s Electric Vehicle Push
Net profit in the third quarter fell about 50 percent, to 1.1 billion euros, or $1.3 billion, after the company set aside €2.6 billion
to cover the unexpectedly high cost of repairing diesel cars in the United States that contained illegal emissions-cheating software.
available for the future." The damage from the scandal, Volkswagen said in a statement, was "nowhere near an end and would continue to necessitate great efforts throughout the entire group." Andreas Hoffbauer, a Volkswagen spokesman, said the company was responding to investors who have long complained
that the research and development budget was spent inefficiently and was too large compared with rivals’ budgets. that it really hurts that this money is gone and is not
