Salient to Investors:

Tim Rokossa at Deutsche Bank said:

  • Uncertainty related to Volkwagen’s emission scandal will persist and its impact poses even higher risks for VW’s future cash flows.
  • The history of recalls shows that the first ‘confessions’ are rarely the end of it.
  • Legal fees will be manageable as their effect is usually spread over several years.
  • More concerning is the impact on volumes, residual values, pricing and costs.

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