It seems the VW emissions scandal may affect a much smaller number of cars than previously thought.
VW originally estimated the CO2 emissions and fuel consumption figures had been rigged in 800,000 cars, which caused shares to drop by 30 per cent. Now it believes the figure is around 36,000 and has caused a share rise of five per cent.
VW originally estimated the economic impact would be £1.45 billion, but the news will likely see that figure drop. It admitted, however, it is too early to lower the figure without more investigation into the scale of the rigging.
While a spot of good news for the company, it still faces billions in fines and compensation for the 11 million diesel vehicles that were affected by the emissions vehicle scandal, including the mandatory recall of 500,000 cars in the US.
In an official statement, VW said: “Only a small number of the model variants of new cars will have the catalogue (CO2) figure slightly adjusted.
“Against this background, the negative impact on earnings of €2bn that was originally expected has not been confirmed. Whether we will have a minor economic impact depends on the results of the remeasurement exercise.”
VW has said it will provide a thorough update on the investigation at its Wolfsburg headquarters on Thursday the 10th of December, including its plans to cut costs to offset the fines and compensation costs.
A movie of the whole scandal may be on the cards, as Leonardo DiCaprio’s production company, Albion Way, is said to have bought the movie rights.