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Volkswagen costs for emissions scandal set to rise by another $1 billion: WSJ

Volkswagen
Julian Stratenschulte | AFP | Getty Images

The German carmaker could spend another $1 billion to settle claims in the U.S. over its diesel emissions scandal, the Wall Street Journal reported on Monday citing a person familiar with the matter.

Volkswagen would use that extra cash to fix claims related to larger and luxury diesel vehicles, the report stated. The new bill would add to the roughly $10 billion deal reached last summer with U.S. authorities to compensate more than 475,000 vehicles with a 2-liter engines. Both sides have yet to reach an agreement over 3-liter diesel vehicles that were also found to violate the emission laws.

Volkswagen had no comment to make on this topic when contacted by CNBC. However, a spokeswoman told the Wall Street Journal on Sunday that both sides were making "substantial progress" toward a resolution for the affected 3-liter TDI V6 vehicles.

You can read the full WSJ report here.


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