Volkswagen takes new $3bn hit over diesel emission scandal

Volkswagen takes new $3bn hit over diesel emission scandal

The buyback from North America "is proving to be far more technically complex and time consuming", the German automaker said.

Coinciding with the latest charge against the manufacturer over the emissions cheating scandal saw their shares dip by three per cent.

The prosecutors want to find out what Hatz knew about the "cheating devices" that enabled VW Group diesel engines to pass emissions tests in the lab while reverting to a dirtier, more polluting state of tune in the real world.

Munich prosecutors earlier said they had arrested a second suspect and widened the number of suspects in their investigation.

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The arrest on Wednesday came after investigators searched two premises, a spokeswoman for the prosecution's office in the southern city of Munich told AFP. Hatz join Volkswagen in 2001, ran Audi's engine development program until 2007, then was made a board member at Porsche AG, Volkswagen's sports-car maker, in charge of research and development. Volkswagen Group CEO Matthias Mueller tried to bring him back to the Porsche board as recently as past year, though he was rebuffed by union pressure. The news sent shares in VW down nearly 3 per cent. Before Friday, it had set aside €22.6 billion ($26.7 billion) to cover costs such as fines and vehicle refits.

The largest automaker in Europe admitted during September of 2015 that it installed illegal software in its diesel engines to cheat diesel emissions tests in the US which sparked the largest crisis in the 80-year history of the company. While most of the cars in Europe have been repaired, tougher emissions and fuel economy rules in the US have made the job more hard, the company said.

VW said in September 2015 that around 11 million vehicles worldwide could be using software capable of cheating emissions tests.

The group later agreed to a similar settlement concerning about 80,000 3.0-litre cars as well. The company has been facing a shift in automotive technology and is planning to invest about 20 billion euros by 2030 to develop electric vehicles and another 50 billion euros to purchase the batteries needed to power the cars.

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