VW CEO Says Diesel Scandal will Inflict Substantial Damage

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March 8, 2016—Matthias Mueller, Volkswagen Group chief executive officer, said on Monday that the automaker’s diesel emissions scandal will inflict substantial financial damage on the company, according to a report from Automotive News

Mueller told a gathering of workers that it will take years to fully gauge the financial implications of the scandal. Board member Stephan Weil expects VW to be able to cope with the fallout from the scandal, but the damage will not be small, he said.

"The damage will, on balance, not be minor, as much as that can already be said today but Volkswagen luckily has a strong economic substance," he said.

German prosecutors said they have widened their investigation, now up to 17 employees from six employees previously.

Last year, VW set aside $7.39 billion to cover the cost of recalling about 11 million vehicles globally. 

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