For the first time in months, Volkswagen has finally received some good news. The embattled carmaker, which is currently embroiled in the now-infamous "Dieselgate" scandal, has stated that previous assumptions about 800,000 of the company's vehicles having irregularities in carbon-dioxide emissions were unfounded. Instead of the massive number, only about 36,000 vehicles were found with slight CO2 emission irregularities, according to Yahoo! Finance.
The revelation serves as a huge sigh of relief for the German automaker. Just last month, Volkswagen estimated that adequately addressing the possible CO2 emissions problem would cost the company about $2.2 billion, including compensation payments to customers.
With the more recent news, the financial impact of the problem is expected to be quite negligible. The company's stocks have finally gotten a bit of reprieve as well, rising by almost 5 percent on Wednesday, reports Euro News.
NordLB analyst Frank Schope said that with the announcement, the "scale of Volkswagen's problems appears to be declining."
Despite the good news, the company is still neck-deep in possible fines and other legal issues caused by Dieselgate, which is expected to have involved as many as 11 million vehicles worldwide, across the automaker's numerous brands, according to CNN Money.
Volkswagen has posted a loss of $1.9 billion in the third quarter of 2015 after taking a charge of $7.3 billion related to the cost of fixing the vehicles involved in the Dieselgate scandal. The amount, however, still does not include fines, penalties, or compensation that the automaker would be required to pay to its customers.
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