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Wednesday, October 28, 2015

Volkswagen Reports €3.5BN Q3 Loss

Volkswagen have reported a €3.5BN operating loss in Q3, analysts had expected €3.3BN. In the same period in 2014 they had reported a profit of €3.2BN.

The loss is due to the costs (€6.7BN) of recalling 11 million vehicles due to the emissions scandal (aka #VWGate).

Matthias Müller CEO of Volkswagen said of the results, rather incongruously:
The figures show the core strength of the Volkswagen Group on the one hand, while on the other the initial impact of the current situation is becoming clear. We will do everything in our power to win back the trust we have lost.
Volkswagen has a long and hard road to travel ahead!

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