Volvo Faces 197 Million Dollar Emissions Settlement Hit
The truckmaker will record a second-quarter operating hit to resolve allegations regarding engine emission controls in California. The settlement includes civil penalties and funding for local reduction projects without an admission of liability.
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VOLVO AB-B SHS will take a $197 million charge against its second-quarter operating income following a settlement with the California Air Resources Board. The agreement addresses allegations regarding emission control descriptions for heavy-duty engines sold in the United States between 2010 and 2016. For investors, the settlement removes a long-standing regulatory overhang while impacting immediate cash flow by $89 million.
