The Latest: VW board meeting to discuss financial strategy

Staff Writer
Columbus CEO

BERLIN (AP) — The latest developments in Volkswagen's emissions scandal. All times local:

10:10 a.m.

Volkswagen's board of directors is meeting at company headquarters in Wolfsburg to discuss the automaker's future financial strategy in the wake of revelations it rigged vehicles to cheat emissions tests.

The dpa news agency reported that the 20-member board began meeting Friday morning behind closed doors to talk about how to best balance savings and investment.

Volkswagen in September admitted it rigged emissions tests for four-cylinder diesel engines on 11 million cars worldwide, including almost 500,000 in the U.S.

It has already set aside 6.7 billion euros ($7.4 billion) to cover the costs of recalling those vehicles but experts say the total cost including fines could be much more.

VW also has until day's end to submit a draft plan to fix four-cylinder diesels to the U.S. Environmental Protection Agency.