Mexican Media Brands
Diesel Scandal Pushes VW into a €1.7 Billion Loss in Third Quarter
Volkswagen Group reports a net loss of €1.7 billion ($1.8 billion) in July-September, reversing a €3 billion profit for the same quarter of 2014.
#economics
Share
Volkswagen Group reports a net loss of €1.7 billion ($1.8 billion) in July-September, reversing a €3 billion profit for the same quarter of 2014.
The loss—VW’s first negative quarterly result in at least 15 years—was a result of the company setting aside €6.7 billion ($7.4 billion) in the quarter for the cost of recalling roughly 9 million diesel-powered vehicles rigged to cheat emission tests.
VW’s operating profit for the period plunged to €3.3 billion ($3.7 billion) from €9.4 billion last year. Sales revenue grew 5% to €51.5 billion ($57.0 billion), but retail deliveries declined 3% to 2.35 million units.
VW cautions its full-year earnings for 2015 will be “significantly” lower than last year, when the company’s net profit jumped 20% to €10.9 billion ($12.3 billion).
RELATED CONTENT
-
When Automated Production Turning is the Low-Cost Option
For the right parts, or families of parts, an automated CNC turning cell is simply the least expensive way to produce high-quality parts. Here’s why.
-
on lots of electric trucks. . .Grand Highlander. . .atomically analyzing additive. . .geometric designs. . .Dodge Hornet. . .
EVs slowdown. . .Ram’s latest in electricity. . .the Grand Highlander is. . .additive at the atomic level. . .advanced—and retro—designs. . .the Dodge Hornet. . .Rimac in reverse. . .
-
On Fuel Cells, Battery Enclosures, and Lucid Air
A skateboard for fuel cells, building a better battery enclosure, what ADAS does, a big engine for boats, the curious case of lean production, what drivers think, and why Lucid is remarkable
