Despite the diesel emissions test cheating scandal Volkswagen's underlying profit fell less than expected in the first quarter thanks to demand for its Audi and Porsche models.
It seems the diesel emissions test cheating scandal has not hit Volkswagen as badly as feared.
Underlying profit fell less than expected in the first three months of this year thanks to demand for its pricier- and more profitable – Audi and Porsche models.
There were also some signs of improvement for its “mass-market VW brand.
Europe’s biggest carmaker says operating profit before one-off items was down by 5.9 percent at 3.1 billion euros.
The Volkswagen group – which includes 12 marques – plunged to a record loss last year and has set aside 16.2 billion euros for costs related to the scandal.
— Alistair Smout (@asmo17) May 31, 2016
Volkswagen said it was still braced for a tough year as it battles to rebuild following the biggest business crisis in its 79 year history.
In April it forecast sales will fall this year by up to five percent.
The company has been slashing costs, investing in electric vehicles and working on a new business structure aimed at improving accountability and speeding up model development.