Mexican Media Brands
Porsche SE Slashes Outlook on VW Diesel Crisis
Porsche Automobil Holding SE, which owns a majority stake in Volkswagen AG, says its profit in 2015 will drop at least 50% because of the cost to VW of repairing some 9 million vehicles equipped with diesel engines the carmaker rigged to cheat emission tests.
#economics
Share
Porsche Automobil Holding SE, which owns a majority stake in Volkswagen AG, says its profit in 2015 will drop at least 50% because of the cost to VW of repairing some 9 million vehicles equipped with diesel engines the carmaker rigged to cheat emission tests.
In June Porsche SE predicts a group profit this year between €2.8 billion and €3.8 billion ($3.1 billion-$4.2 billion). Now it says the range will be between €800 million and €1.8 billion ($874 million-$2 billion) because of the diesel scandal.
This week VW posted a €1.7 billion ($1.8 billion) loss for the third quarter after taking a €6.7 billion ($7.4 billion) charge for the recall costs. Porsche SE cautions its estimate could fall further next month when it revisits VW’s expected fourth-quarter performance.
RELATED CONTENT
-
Increasing Use of Structural Adhesives in Automotive
Can you glue a car together? Frank Billotto of DuPont Transportation & Industrial discusses the major role structural adhesives can play in vehicle assembly.
-
GM Develops a New Electrical Platform
GM engineers create a better electrical architecture that can handle the ever-increasing needs of vehicle systems
-
Things to Know About Cam Grinding
By James Gaffney, Product Engineer, Precision Grinding and Patrick D. Redington, Manager, Precision Grinding Business Unit, Norton Company (Worcester, MA)
