vw skids into red in wake of pollution scandal
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

VW skids into red in wake of pollution scandal

Arab Today, arab today

Arab Today, arab today VW skids into red in wake of pollution scandal

German auto giant Volkswagen
Frankfurt - Arab Today

German auto giant Volkswagen said Wednesday that the global pollution-cheating scam it is currently embroiled in pushed it deeply into the red in the third quarter and would hurt earnings for the whole of 2015.

VW said in a statement that it booked a net loss of 1.673 billion euros ($1.85 billion) in the period from July to September, compared with a profit of 2.971 billion euros a year earlier.

At the same time, the carmaker said it expected full-year operating profit to be "sharply lower" than in 2014, although global vehicles sales would match levels a year earlier and turnover was projected to rise by "up to four percent".

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