December 11, 2017 / 3:21 PM / 10 months ago

VW sees 4-5 billion euros in outflows in 2018 due to dieselgate

WOLFSBURG, Germany (Reuters) - Volkswagen (VOWG_p.DE) expects cash outflows of 4-5 billion euros ($4.7-5.9 billion) next year in relation to the dieselgate emissions cheating scandal, the carmaker’s Chief Financial Officer Frank Witter told journalists on Monday.

FILE PHOTO: A Volkswagen logo is pictured at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry Romero

“I am not at all relaxed with regard to the diesel issue,” Witter said. The figure is below the up to 17 billion euros in outflows expected this year.

Dieselgate has so far cost the company more than 25 billion euros and contributed to a strategy shift in the sector toward electric vehicles, with most manufacturers having announced far-reaching investment packages.

Reporting by Jan Schwartz; Writing by Christoph Steitz; Editing by Georgina Prodhan

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