VW posts huge operating loss: 3.48 billion euros

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By Euronews
VW posts huge operating loss: 3.48 billion euros

Car maker Volkswagen has posted a third-quarter operating loss of 3.48 billion euros. It is the German group’s first quarter loss in more than 15 years, and comes after US authorities found its diesel vehicles had software installed that allowed them to cheat emissions tests.

WV said it now expects its operating profit to drop “significantly below” last year’s record 12.7 billion euros.

During a news conference, the German transport minister responded to a question about why the fraud was not noticed sooner.

“It is noticeable, that on the side of the US environment authorities, there has been a certain kind of anger, that confidence has been destroyed, and we have a long way to go to rebuild it, and there is no way to whitewash the issue. That’s what the colleagues of the environment authorities have made quite clear to us.”

Japan launch delayed

VW’s new boss Herbert Diess apologised at the Tokyo Motor Show for the scandal. He promised to win back customer trust.

He said the priority is to find out what happened and make sure it never happens again.

In the meantime VW will delay the launch of a diesel car in Japan.