Volkswagen AG on Tuesday warned that it will revise its earnings targets for this year and set aside a 6.5 billion euro provision ($6.6 billion) in the current quarter to cover measures related to the car maker's emissions scandal.
Acknowledging that the emissions-cheating issue related to 11 million vehicles worldwide, the company said internal investigations have shown that the software alleged to have allowed the company to cheat in emissions tests is present in other diesel-powered vehicles in the Volkswagen group.
"Volkswagen is working with full speed to clarify irregularities concerning a particular software used in diesel enginges," the company said Tuesday.
Last Friday, U.S. environmental authorities alleged Volkswagen had installed software in nearly 500,000 cars that made them appear to run cleaner in emissions tests than they do on the road. The company hasn't contested the accusation, and Chief Executive Martin Winterkorn has since issued a personal apology.
The auto maker's nonvoting shares were down 20% in Frankfurt after the announcement after falling but almost that amount on Monday.
Write to Sarah Sloat at email@example.com
Continue Reading Below