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Wednesday 28 October 2015

Emission scandal Pushes Volkswagen into a Loss

Volkswagen has reported its first quarterly loss for at least 15 years after taking a big charge to cover the costs of its emissions scandal.
Volkswagen admitted installing software to cheat emissions tests in 11 million of its diesel cars worldwide in September.

Volkswagen said it had set aside €6.7bn ($7.4bn; £4.8bn) to cover the scandal, leaving it with a €2.52bn pre-tax loss for the third quarter of the year.

Despite the scandal the company still expects sales to grow this year.However, VW said it expected profits for the full year to be "down significantly".

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