VW Posts Operating Loss Of $3.84B in Third Quarter
The full brunt of the diesel emissions scandal currently embroiling Volkswagen has not yet been felt, having first hit the news at the tail end of the third quarter of 2015. Still, the VW Group has posted an operating loss of $3.84 billion for the quarter that just ended, marking its first such loss in 15 years. While that’s not good, VW’s financial status isn’t exactly a terrible picture of doom and gloom.
Sales revenues were actually up by 8.5 percent over the first three quarters of 2015, and the company reports over $30 billion in liquidity in its Automotive Division. VW will be relying on that war chest of cash in the hopes it’ll be sufficient to completely weather the expected onslaught of emissions-related fines and lawsuits the world over. Looking further into the remainder of the year, Volkswagen projects that its operating profit will be “down significantly year-on-year” once everything is said and done in 2015. What’s more, VW lost its status as the biggest automaker in the world to Toyota, and we’d be surprised to see it get that sales title back any time soon.
“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”, Matthias Müller, Chairman of the Board of Management of Volkswagen, said in a statement. If you just can’t get enough of numbers, you’re free to peruse the financial statement overview below.