Yes, for the first time in the last fifteen years, the German automaker has shown a negative financial result for a quarter, which contrasts with data from a year ago. Volkswagen's loss for the specified period reached 1.73 billion euros, while in the same quarter last year the company reported a profit of 2.9 billion euros.
The main reason for the losses is compensation payments to car owners related to the diesel scandal, which could lead to the recall of up to 11 million vehicles of the brand worldwide. Notably, if we do not take into account the costs of settling claims, then for the first three quarters of 2015, the concern's revenue increased by 8.5% compared to the same period in 2014.
It is worth adding that to reduce costs, Volkswagen decided to reduce the number of employees and freeze the development of new projects.
