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Volkswagen profit rises despite emissions certification woes

2018-10-30 12:33
VW Dealership

Image: iStock

Volkswagen saw net profit more than double in the third quarter even as sales fell due to delays certifying vehicles for new emissions tests.

Profit rose to €2.76 billion ($3.14 billion) from an adjusted figure of 1.07 billion in the year-ago quarter. Sales revenue rose 0.9% to €55.2 billion.

How people actually drive

Vehicles sales, however, fell 3.6% in the quarter, to 2.54 million, as the company failed to get vehicles certified in time for new emissions tests intended to more closely reflect pollution levels based on how people actually drive. The new tests took effect on 1 September.

READ: Court orders top VW shareholder to pay 'dieselgate' damages

Volkswagen said on Tuesday it had fewer one-time deductions to earnings in the quarter. There were €800 million in one-time costs, compared with €2.6 billion in the year-ago quarter.

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