Volkswagen Emissions Fallout Begins: and it’s Really, Really Bad
Tangible damage has already begun on a grand scale for the company since the announcement, as its stock has plunged over 35 percent by midday trading on Tuesday, including closing down 18 percent on Monday, already dropping the company’s value by nearly $17 billion even before Tuesday’s announcement. The scandal and costs associated with EPA-ordered recall will likely cost the company at least that much factoring in federal penalties from the U.S. as well as in other nations. In addition, the amount of civil liability and class-action lawsuits could also range in the billions.