Volkswagen has suffered a €3.48bn operating loss in the third quarter of 2015, due to the cost of the diesel emission scandal - that’s even worse than the €3.26bn operational loss which analysts surveyed by Bloomberg had expected.
Volkswagen's new head Matthias Muller commented on the numbers:
"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."
According to Reuters, this is the first time in at least 15 years that VW has reported a quarterly loss.
Today’s results include "negative special items relating to diesel issue of €6.7bn". It had previously announced a charge of €6.5bn.
Operating profits after special items came in at €3.206bn, lower than the €3.23bn in Q3 2014.
Even sadder - the company has warned that it won’t achieve any sales growth this year:
"The Volkswagen Group expects deliveries to customers in 2015 to remain on a level with the previous year in a persistently challenging market environment."
And it has also warned shareholders that operating profits will drop this year:
"Because of charges related to the irregularities in the software used for certain diesel engines, we expect 2015 operating profit for both the Group and the Passenger Cars Business Area to be down significantly year-on-year."
Moreover, Porsche has also warned its profits will be lower than expected this year because of the scandal.
Porsche was acquired by Volkswagen in 2012, but still owns a 51% stake in VW so is undoubtedly exposed to the crisis in Wolfsburg.
The affiliate said on Wednesday it now expects to post a 2015 profit
after tax of €0.8 to €1.8bn, mainly due to the third quarter earnings
slump of Volkswagen, Reuters said.
“Porsche SE’s forecast is subject in particular to further findings in connection with the Diesel emissions issue,” the group said in a statement.
