Emissions scandal continues to weigh on Volkswagen - leatherbiz: Leadi Leatherbiz

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Emissions scandal continues to weigh on Volkswagen

01/11/2016
Automotive group Volkswagen reported a 1% rise in revenue in the three months to September 30. The €52 billion generated in the quarter brought sales revenue for 2016 to €159.9 billion, level with last year.

The company said it expects annual revenue in 2016 to match last year’s total of €213 billion. This is an improvement on previous guidance, which predicted sales would fall by up to 5%. 

The emissions testing scandal, which has engulfed Volkswagen since September 2015, again impacted the company’s profit in the third quarter. The company set aside a further €442 million to cover legal costs related to the scandal. This takes the total set aside to €18.2 billion.

The costs accounted for in the third quarter are not included in the $14.7 billion settlement that Volkswagen agreed in a US court on October 25.


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Volkswagen agrees $14.7 billion settlement in the US 25/10/2016
Record sales in China for Volkswagen 17/10/2016
Volkswagen still showing global sales growth 19/09/2016
Volkswagen announces new factory in Kenya 12/09/2016
Dispute with seat cover supplier disrupts Volkswagen production 26/08/2016
Growth for Volkswagen in the first half 02/08/2016
Volkswagen sales hold up despite emissions scandal 20/06/2016

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