VW takes new 2.5 billion euro hit for modifying diesel vehicles in US

VW takes new 2.5 billion euro hit for modifying diesel vehicles in US

FILE PHOTO: A Volkswagen logo is pictured at Volkswagen's headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo
BERLIN: Volkswagen will take a hit of around 2.5 billion euros (US$3 billion) to its third-quarter results because a program to buy back or retrofit diesel engine cars in North America is proving more complex and time-consuming than expected, it said on Friday.Its shares dropped after the statement and were down 2.8 percent at 0724 GMT.Volkswagen said it will publish third-quarter results on Oct 27.(Reporting by Victoria Bryan; Editing by Georgina Prodhan)
Source: Reuters