The Diesel Scandal caused 3.48B Euro Third Quarter Loss for VW

VW has told about its first quarterly loss in 15 years.

VAG labels the huge TDI emissions scandal as a “diesel issue”. This “issue” brought a loss of €6.7 billion to the producer so far. It is 0.2€ billion more than what they put aside. Yesterday the specialists assumed that the company will lose €3.26 billion. It was found out that they were on the right way, as VW acknowledged a quarterly loss of €3.48 billion. We remind you that in the third quarter of last year the automaker shown a €3.23 billion profit.

If to compare Volkswagen Group sales this September with the same time last year, you will see that the sales decreased by 1.5%. Deliveries in Q3 went down by 3.4% to 2.39 million cars. That is why Toyota takes place on top of the sales. It has sold 7.49 million cars in September. Meanwhile, VW coped with 7.43 million vehicles and GM took the third place with 7.2 million units.

Considering the fact that the scandal involves 11 million vehicles with EA 189 TDI motors and is not coming to its end, we assume that the company’s financial shape will see worse days soon, especially when the fines start coming. Moreover, the decrease in sales will go on, as the customers will leave the Volkswagen empire in favour of some other brand.