VW profits plummet after emissions scandal
The diesel emissions scandal drove Volkswagen to an operating loss of around £2.5 billion between July and September, it has emerged.
New figures reported by the German car manufacturer show it would have made a quarterly profit of about £2.3 billion had it not been for the emissions testing scandal.
But with the group setting aside some £4.8 billion to deal with the crisis, that profit has been wiped out.
In September VW admitted it had installed software that can cheat diesel emissions tests in around 11 million vehicles around the world, including 1.2 million in Britain.
Matthias Muller, the group’s new chief executive, has pledged that VW will do everything it can to win back the trust it has lost from motorists.
He says while the figures illustrate the impact the crisis has had on the group, the fact that a profit would otherwise have been made also show the manufacturer’s core strength.