Cost of Volkswagen emission scandal rises to $18 billion

WOLFSBURG , Germany, April 22 (UPI) -- The cost of resolving Volkswagen Group's emissions scandal, at more than $18 billion more than twice what the company set aside, prompted a record loss of over $6.2 billion in 2015.

The company, which admitted it rigged 11 million diesel-powered cars to employ their air pollution controls at full capacity only when they were being tested, set aside about $7 billion for repairs to customers' cars. Thursday it agreed with U.S. regulators to repair or buy back cars to get at least 480,000 Volkswagen cars sold in the United States off the roads.

A federal judge ruled that removing the polluting cars from the road must be the first step in resolving more than 600 lawsuits the car company faces.

Volkswagen also announced on Friday the publication of an internal investigation of how the cheating occurred will be delayed until a settlement with the U.S. Department of Justice is resolved. Responsibility for the scandal, including whether any top managers were involved, has not yet been explained. The company is still negotiating the fines it must pay in the United States, and similar investigations are in progress in other countries.

Volkswagen saw a $12.2 billion profit in 2014; vehicle sales worldwide fell 2 percent to 9.93 million in 2015.

The scandal has also impacted other auto manufacturers. Daimler, maker of Mercedes-Benz vehicles, said Friday it is cooperating with a U.S. Department of Justice request regarding the means by which it certifies exhaust emissions figures. At PSA Group, the parent company of Citroen and Peugeot, French authorities are investigating potential emissions irregularities. In Japan, investigators raided the offices of Mitsubishi Motors after the company apologized for misstating fuel economy on some of its models; the actions caused a fall in Mitsubishi stock on Tokyo markets in which the company to lose one-third its value in two days.