VW says CO2 emissions problem far smaller than suspected

Volkswagen has announced the number of vehicles where the company provided false emissions information is about 36,000 instead of the previously estimated 800,000 cars.

The announcement followed a new set of measurements by Germany’s motor vehicle authority.

It also removed the need for the company to set aside the planned 2 billion euros to meet the costs of rectifying the problem.

The result sent Volkswagen’s shares 6.3 percent higher at 131.50 euros in trading on the Frankfurt Stock Market.

Despite the company’s announcement, VW is facing the threat of legal action around the world in the wake of the emissions affair as well as massive fines and costly recalls.

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