Volkswagen profits for the first nine months of 2015 were down 64.5% down year-on-year to £3.3bn, with the 6.7bn set aside to pay for the emissions scandal being the primary cause for the falling profits.
Without this ‘special item,’ Volkswagen profits would have actual grown for the period, year-on-year, as the majority of the business grew.
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Sales revenue from the first nine months of 2015 was up 8.5% compared to the same period 2014, at 160.3bn.
The financial services division saw revenues increase from 16bn to 19.4bn, and profit increase from 1.2bn to 1.4bn from 2014 to 2015.
Matthias Müller, Chairman of the Board of Management of Volkswagen also revealed what he said was five key steps to realigning the manufacturer:
– supporting customers affected by the diesel issue,
– investigating fully what happened,
– introducing new structures to decentralise the Group management,
– realigning the culture and management behaviour and
– transforming the Group’s Strategy 2018 into Strategy 2025.
He added: "We have to look beyond the current situation and create the conditions for Volkswagen’s successful further development."
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By GlobalData
