Volkswagen is setting aside 6.5 billion Euros, or $7.3 billion, to cover the anticipated cost of resolving its diesel emissions cheating scandal, a figure that could nonetheless be eclipsed by potential penalties and lawsuits facing the German maker in the U.S.
The issue, meanwhile, now is spreading to other markets, VW confirming it used the same illicit software – dubbed a “defeat device” by U.S. regulators – on 11 million diesel vehicles sold worldwide. That has triggered calls for new investigations in markets from South Korea to the European Union.
The money VW has aside is part of the company’s efforts to “win back the trust of our customers,” the maker said in a statement Tuesday. Meanwhile, it noted that it is “working intensely” to find a technical solution to removing the software without reducing the performance of affected VW products.