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Emissions scandal takes its toll on Porsche

2015-11-10 15:43

US SALES HALTED: Porsche North America halted sales of its Cayenne diesel SUVs amid accusations by the US Environmental Protection Agency that they were fitted with an emissions-cheating device. Image : Newspress

Berlin - The emissions exhaust scandal  that has rocked Volkswagen has taken its toll on the automaker's luxury sports-car brand Porsche.

Stuttgart-based Porsche said on Tuesday that after-tax profit plunged by about a half to €1.19-billion in the first nine months from €2.5-billion in the same period in 2014.

The profit from investments was negatively impacted by "expenses incurred by the Volkswagen Group in connection with the diesel emissions issue," said Porsche, which holds a 52.2% ordinary shares in the group.

VW group in crisis

The VW group is battling to overcome a crisis that was sparked by its admission in September that it cheated on emissions tests for its diesel-powered vehicles around the world.

The company revealed last week that the scandal also included testing for carbon dioxide (CO2) emissions in up to 800 000 VW cars.

Read: Emissions scandal - VW offers owners gift cards, vouchers

The scale of the scandal has resulted in the company losing about one third of its value since the affair first emerged in the middle of September.

VW has already signaled that the emissions scandal will result in the group reporting significantly lower profit this year compared with 2014.

Porsche, which holds 30.8% of VW's capital stock confirmed that it expects a net profit of between €0.8 and €1.8-billion in 2015 - down from €3.0-billion in 2014.

More news about VW's emissions scandal:

Emissions scandal: Would you accept a R14 000 VW 'gift'?
Volkswagen is offering owners of its diesel cars 'a goodwill package'. Even if you accept the gift you can still sue the automaker, reports AP.

German authorities: VWs need more than software changes
German authorities believe Volkswagen will likely need to make more than just software changes to nearly a quarter of its 2.4 million diesel cars being recalled in the country.



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