Even when Volkswagen has a glimmer of hope, it seemingly is accompanied by bad news.
On Wednesday, several news outlets, including Bloomberg, reported that the embattled automaker received approval to begin its massive recall of 8.5 million faulty diesel vehicles in Europe, which stemmed from its emissions scandal.
While that recall — slated to start in January and end by late 2016, making affected 1.2-liter, 1.6-liter and 2.0-liter engines comply with emissions regulations — marks a step in the right direction, it didn't come without a dose of bad news.
That's because, on the same day that Volkswagen was granted a green light to begin its recall early next year, the New York Times reported that the automaker is being investigated by the European Union's anti-fraud office into whether the company misused hundreds of millions of euros via loans from a development bank that was publicly-backed.
One step forward, one step back.
Still, while that investigation marches ahead, Volkswagen can at least digest the task that lies ahead by updating affected European diesels' software, while providing others with new parts to make them comply with emissions regulations.
Marc-Rene Tonn, a Germany-based analyst at Warburg Research, called the massive European recall "manageable."
"The technical solutions for other markets, however, remain open, and especially in the U.S. the related costs may be a lot higher," he told Bloomberg.
While VW was granted permission to go ahead with its plans of beginning its recall for affected European vehicles, it has yet to present such a plan for affected U.S. models.
The total recall cost is projected to approach $10 billion, and that figure doesn't include the extra damages that countries might seek via regulatory fines or possible class action lawsuits from drivers.
Getting through this trudge will surely be a slow crawl.
