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
-
Special Report: Toyota & Issues Electric
Although Toyota’s focus on hybrid powertrains at the seeming expense of the development of a portfolio of full battery electric vehicles (BEVs) for the market could cause some concern among those of an environmental orientation, in that Toyota doesn’t seem to be sufficiently supportive of the environment, in their estimation. Here’s something that could cause a reconsideration of that point of view.
-
On Zeekr, the Price of EVs, and Lighting Design
About Zeekr, failure, the price of EVs, lighting design, and the exceedingly attractive Karma
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
