Emissions scandal forces Volkswagen to make loss.

Credit to Gerry Lauzon (Flickr)

Credit to Gerry Lauzon (Flickr)

Following confessing to using software designed to cheat emissions test in 11 million of its diesel cars across the world, Volkswagen has admitted to a staggering pre-tax loss of 2.5 billion euros for the third quarter of this year.

This is the first set of accounts published by the car manufacturer since the scandal broke, and is clear evidence that the public have lost a great deal of trust in the German company. VW have admitted that they expect their annual profits to be “down significantly”, although it has still forecast a rise of around 4% in their sales revenue.

However it’s not all bad news, as Volkswagen shares actually rose 3.2% after these results were released, and were the best performing stock on the German 30 day index on the first hour of the stock trade.

VW staff are said to be adamant that the environmental damage caused by this scandal is nothing in comparison to BP’s Deepwater Horizon oil spill, and their cars are on the whole a lot greener than many other vehicles used throughout the US.

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