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Audi expects no more dieselgate emissions provisions in 2018: CFO

Reuters Staff

15 Mar 2018

BERLIN (Reuters) – Audi (NSUG.DE) expects no further provisions for its “dieselgate” emissions scandal this year after setting aside a total of 2 billion euros ($2.47 billion) in 2016 and 2017, its finance chief said.

Audi CFO Alexander Seitz speaks during the company’s annual news conference in Ingolstadt, Germany March 15, 2018. REUTERS/Michael Dalder 

Volkswagen’s (VOWG_p.DE) main profit engine developed the bigger 3.0 liter V6 diesel engines used in about 80,000 VW, Audi and Porsche models that in 2015 were found to have been equipped with illicit software and to exceed U.S. emissions limits. 

The Audi logo is seen on the car at the production line of the German car manufacturer’s plant in Ingolstadt, Germany, March 14, 2018. REUTERS/Michael Dalder 

The Audi logo is seen on the car at the production line of the German car manufacturer’s plant in Ingolstadt, Germany, March 14, 2018. REUTERS/Michael Dalder

Audi has to date paid out more than half the provisions and expects to transfer an outstanding 900 million euros by the first quarter of 2019, CFO Alexander Seitz said on Thursday at an earnings press conference.

Separately, Audi sales chief Bram Schot said the luxury carmaker is targeting a share of electric-car sales of between 30 and 35 percent of its overall deliveries by 2025 when it plans to offer about 20 electrified cars on sale.

Audi AG                                                                                                       788.0 
NSUG.D EXETRA                                                                      +8.00(+1.03%)
NSUG.DE

NSUG.DE    VOWG_p.DE

Audi also has no plans to start building cars in the United States though will review its production strategy every year, chief executive Rupert Stadler said.

Reporting by Andreas Cremer; Editing by Douglas Busvine
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