On Friday, Volkswagen released a financial statement that it delayed for months while the company’s diesel emissions scandal unfolded. The company has now reported a record loss of $6.2 billion for 2015. Moving forward, VW Group also said it would set aside €16.2 billion (about $18.22 billion) to begin covering "technical modifications,” legal claims, and other fallout from the company’s cheating.
"The current crisis—as the figures presented today also reveal—is having a huge impact on Volkswagen’s financial position," VW Group CEO Matthias Müller said. "Yet we have the firm intention and the means to handle the difficult situation we are in using our own resources.”
After illegal “defeat device” software was found on 500,000 diesel vehicles from VW Group, the company wrote off approximately $7 billion in early 2015 to cover fines and other costs. Today’s $18 billion write-off includes that $7 billion.