Volkswagen posts €3.5bn loss after emissions scandal

Volkswagen posts €3.5bn loss after emissions scandal

Scandal-hit Volkswagen has posted a third-quarter loss of €3.5bn.

The German car maker reported the operating loss for the third quarter of the year following the diesel emissions scandal.

Last month VW admitted installing software designed to cheat diesel emissions tests in 11 million vehicles worldwide, including almost 1.2 million in the UK.

The company has launched an investigation and appointed a new chief executive and chairman in the wake of the scandal.

The figures show VW would have made a profit of €3.2bn if the ``diesel issue'' had not emerged.

The group has set aside €6.7bn euros relating to the defeat device software controversy.

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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