Volkswagen has just posted its first quarterly loss in over 15 years as the dieselgate scandal begins to affect the automaker’s financials.
In the third quarter of this year, Volkswagen has posted a 3.48 billion euro loss. For the third quarter of 2014 by comparison, VW recorded a 3.23 billion euro profit. The dieselgate scandal itself has already impacted earnings to the tune of 6.7 billion euros.
For September 2015, Volkswagen’s sales were down by 1.5 per cent compared to September 2014 with deliveries across July, August and September 3.4 per cent lower than last year. This means VW’s sales dropped to 2.39 million units for Q3 and sit at 7.43 million for the first nine months of the year. This has resulted in Toyota overtaking Volkswagen as the world’s largest automaker.
In coming months, Volkswagen’s financial figures are likely to be significantly worse once it starts the mandatory recall of 11 million cars and is hit with an array of expensive fines.