VW posts loss

BERLIN: Volkswagen (VW) posted its first quarterly loss in at least 15 years, slammed by costs related to its rigging of diesel emissions tests, and lowered its profit outlook. The German group on Wednesday reported a third-quarter operating loss of 3.48 billion euros, in line with a 3.47 billion-euro loss forecast in a Reuters poll of analysts. VW set aside 6.7 billion euros in the July-September period to cover costs related to the manipulations affecting 11 million cars globally, up slightly from the 6.5 billion announced a week after the cheating became public on September 18. As a result, VW said it now expected its operating profit to drop ‘significantly below’ last year’s record 12.7 billion euros.