Oct 27, 2017

Volkswagen diesel scandal still hitting profits

Volkswagen's diesel emissions scandal has continued to hit its profits, according to the latest figures from the carmaker. Once additional provisions in connection with the diesel issue were accounted for, operating profit was €1.7bn, 48% down on last year. VW said the diesel scandal had cost the carmaker about €14.5bn so far this year. Frank Witter, the VW management board member responsible for finance, said the firm had "An adequate financial cushion", although the diesel issue was nowhere near an end. VW is facing tens of billions of pounds in compensation and fines after admitting to cheating on diesel emissions tests.

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