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Scandal-hit VW to cut investments by €1 billion, says CEO

BERLIN – German auto giant Volkswagen will cut investments by €1 billion euros in 2016, said its chief executive, as the group sought to scale back on spending to cope with its massive pollution cheating scandal.

VW says 11 million cars affected globally as scandal widens

BERLIN — Volkswagen said irregularities on diesel-emission readings extend to 11 million vehicles around the world, forcing the German carmaker to set aside 6.5 billion euros ($7.3 billion) in an initial tally of the potential costs.

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