regarding the impact on German economy, here is an extract from the GFK consumer climate report from this morning:
"Meanwhile, German consumers do not feel that the scandal surrounding Volkswagen's manipulation of emissions
data for its diesel vehicles currently presents much of a risk for the labor market. Only eight percent view this as a reason for the gloomy employment outlook."
Here is the actual VW 3rd Quarter Report. Some notes:
"Mindset will be changed" => funny, as if this is an on/off switch.
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the costs related for the scandal are expected to grow.
oh, yes the costs of the scandal are tax deductible, which is perfectly in compliance with tax accounting.
Last edited by JohnS; October 28th, 2015 at 10:04 AM.
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As @JohnS pointed out - there was a "gain" in the third quarter. The real surplus/gain by selling all Suzuki shares
in that quarter was 1,5 billion Euro (which is not mentioned in the graphic).
THIS selling has nothing to do with daily business of VW and has to be seen as a external effect.
If the 3rd quarter is measured by VW's own business then the final quarter EBIT result is:
a total of minus 5 billion Euro.
Just to keep the things to where they belong.
As economist - without having seen the published 3rd quarter detailed results I assume:
That the set aside 6.5 billion Euro for the Diesel recall is NOT included in upper 3rd quarter result.
Thus this (first) sum is only set aside in the yearly numbers - from the current assets and do not touch
the monthly or quarterly results. The real costs will come into the next quarterly results as the invoices
for the recall will sum up.
And for 3rd quarter (scandal started in september 2015) had not stated any invoices concerning the case.
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only cheats with some tchnical points - then read here:
News came out in Switzerland - that 4 VW retailers have been fined.
Because they had illegal price "upgrades" in 2013 and 2014.
The swiss WEKO (commission for illegal competition) now fined those
VW partners with fines from 10000 up to 320000 Swiss francs per
It is well known that the swiss retailers normally push prices up to a third more
than in producing Germany...
Which is cheating foreign customers again.
No parallel imports allowed - etc... This is no working open market!
Things will come to surface now - and will be under surveillance.
@Fat Tails what are we talking here? How old exactly is your VW bug?
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