Volkswagen doubles provisions for cheating scandal to $18.2 bn

Volkswagen AG more than doubled provisions to pay for the emissions-cheating scandal, leading to the biggest loss in the German automaker's history while giving it a path toward assessing the full financial impact of the crisis. Volkswagen set aside euro 16.2 billion ($18.2 billion) to cover the costs of the cheating, up from the previous amount of euro 6.

7 billion, Europe's largest carmaker said in a statement. The manufacturer cut its annual dividend 97 per cent to euro 0.17 per preferred share, the lowest since at least 2000..

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