Volkswagen (OTCMKTS:VLKAY) have announced an operating loss of 3.48 billion euros for the third quarter, its first in over 15 years.
The company’s results have been severely affected by last month’s emissions scandal, where VW were found to have used illegal software to cheat carbon emissions tests. Its CEO has stepped down and 6.7 billion euros have been set aside to cover costs; an amount that the company admits is unlikely to be anywhere near the full figure.
The crisis has knocked nearly a quarter off VW’s stock market value and despite an expected growth in sales, the company have admitted that they expect operating profit for the year to drop “significantly below” last years.
Volkwagen are currently trading down 2.6 percent on the news (1148MGT).