VW warns on profit as emissions scandal widens

German carmaker Volkswagen has said it is setting aside billions in provisions to cover the costs of a scandal over rigged emissions data, which is likely to involve more than 10 million cars worldwide.

German auto giant Volkswagen admitted Tuesday that as many as 11 million diesel cars worldwide were equipped with a particular engine type that could skew emissions data.

The carmaker also announced it was setting aside 6.5 billion euros ($7.2 billion) in provisions in the third quarter to cover potential costs resulting from the scandal, adding that this would lead to an adjustment of its 2015 profit targets.

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The announcement sent Volkswagen shares down a further 20 percent on the Frankfurt stock exchange Tuesday, after they had lost already more than 18 percent the day before.

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Source News: DW