Volkswagen Announces £2.5 Billion Operating Loss In Q3
A specialist lawyer at Irwin Mitchell who is investigating the possibility of launching legal proceedings against Volkswagen in the UK following the recent diesel emissions scandal, says VW’S latest financial results highlight the extent of the issues that are now facing the car manufacturer.
Volkswagen has today posted a third-quarter loss of 3.5 billion euros (£2.5 billion) which includes a 6.7 billion euros (£4.8 billion) payment which has been set aside to deal with the controversy relating to the so-called defeat device software.
Last month VW admitted installing software designed to cheat diesel emissions tests in 11 million vehicles worldwide. In the UK, VW is preparing to recall almost 1.2 million vehicles including over 500,000 cars and 80,000 commercial vans. 390,000 Audis, 132,000 Skodas and 77,000 Seats will also be included.
Affected motorists in the UK have not been told when their vehicles will be recalled, although it is not expected to begin until 2016.
Volkswagen’s Chief Executive, Matthias Muller 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."
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