VW could agree U.S. large-car diesel emissions settlement by October: Audi exec
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
A Volkswagen logo is seen at a dealership in Seoul, South Korea, August 2, 2016. REUTERS/Kim Hong-Ji - RTSKMRE
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
By Farah Master
HONG KONG (Reuters) - Volkswagen AG
Dietmar Voggenreiter, head of sales and marketing worldwide for Audi
"(We're) in really good discussions with U.S. authorities," said Voggenreiter. "Hopefully in October, latest the beginning of November, we will have the final agreement with the U.S."
The worldwide scandal, dubbed "Dieselgate", has hurt VW's reputation and business, and already cost the German carmaker billions of dollars - not including any U.S. settlement on the large-engine diesel vehicles.
The diesel emissions scandal, affecting roughly 11 million vehicles worldwide, continues to drag on VW and Audi profits, with Audi set to miss profitability targets this year and the core VW brand recording a 12 percent year-on-year drop in profit in the second quarter.
VW last September admitted using sophisticated secret software in cars to cheat on exhaust emissions tests. The firm agreed with U.S authorities in June to pay up to $15.3 billion for car buybacks and fixes to 475,000 2.0-litre VW and Audi diesel vehicles fitted with the emissions-cheating software.
That accord did not include fixes for around 80,000 VW, Audi and Porsche 3.0-litre engine cars that could potentially cost billions more if the automaker needs to buy them back.
Voggenreiter said on Wednesday that the U.S. negotiations, which related to four-cylinder VW diesel cars and 3.0-litre V6 engine Audi vehicles, were still ongoing and unresolved.
"We are just in discussions so I cannot judge how the authorities will judge our technical solutions; but I feel we have good technical solutions," he said.
(Reporting by Farah Master in HONG KONG; Writing by Jake Spring in BEIJING and Adam Jourdan in SHANGHAI; Editing by Kenneth Maxwell)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Japan September consumer prices fall, weak spending clouds outlook
- GE in discussion with Baker Hughes on potential partnerships
- Yemen's Houthis launch missile toward Saudi holy city
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!