Car manufacturer suffers after rigging test data
Volkswagen has recorded a €3.48bn operating loss for the third quarter of the year, and a €2.52bn pre-tax loss.
The losses reflect the scale of the emissions scandal which erupted last month and in which the company was forced to admit that it had rigged tests on 11 million of its cars worldwide.
As a result the company has set aside €6.7bn (£4.8bn) to cover the costs of the scandal – severely impacting its financial results.
The chief executive and chairman of the Board of Management, Matthias Müller, 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.”
It is the company’s first quarterly loss in 15 years.