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VW To Take $2.9 Billion Charge Over Diesel Retrofit Costs

VW said that the buyback and retrofitting program "is proving to be far more technically complex and time consuming."

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Volkswagen says it expects to take charges of about 2.5 billion euros ($2.9 billion) in the third quarter to cover the costs of buying back and retrofitting diesel cars in North America.

The German automaker said Friday that it is increasing provisions for a buyback and retrofitting program for 2-liter TDI vehicles that was part of settlements over its diesel emissions scandal. 

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It said that the program "is proving to be far more technically complex and time consuming."

Volkswagen will release its third-quarter earnings on Oct. 27.

The company has been under a cloud since 2015 over its equipping of diesel cars with illegal software that enabled cheating on U.S. emissions tests. Volkswagen has agreed to more than $20 billion in fines and civil settlements over the scandal.

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