Volkswagen reverses to third-quarter loss on emissions scandal

Beleaguered German car maker Volkswagen swung to a €3.48bn operating loss for the third quarter and a €2.52bn pre-tax loss, as the emissions scandal took its toll on the company.

In the same period a year ago, Volkswagen posted an operating profit of €3.23bn and a pre-tax profit of €3.71bn.

The company said it took a €6.7bn charge relating to the costs of the emissions issues, slightly more than the €6.5bn it had set aside.

Chief executive and chairman of the board Matthias Mueller said: “The figures show the core strength of the Volkswagen Group on the one hand, while on the other the initial impact of the current situation is becoming clear.

“We will do everything in our power to win back the trust we have lost.”

VW said that because of charges related to the irregularities in the software used for certain diesel engines, it expects 2015 operating profit for both the group and the passenger cars business area to be down significantly year-on-year.

At 0950 GMT, VW shares were up 4.5% at 109.90p.

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