UPDATE 1-VW could agree U.S. large-car diesel emissions settlement by October - Audi exec

Wed Aug 31, 2016 2:59am EDT
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* Settlement for 3.0-litre engine cars in Oct-Nov - exec

* Negotiations with U.S. authorities 'going well'

* Emissions scandal has already cost VW billions (Adds executive comment, details)

By Farah Master

HONG KONG, Aug 31 (Reuters) - Volkswagen AG could reach a "final" settlement with U.S. authorities as early as October over its large-engine diesel cars found to have cheated emissions tests in a global scandal, the sales chief of its premium Audi brand said.

Dietmar Voggenreiter, head of sales and marketing worldwide for Audi, told Reuters in an interview in Hong Kong on Wednesday that negotiations related to 3.0-litre engine VW and Audi cars were progressing well.

"(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.   Continued...