VW operating profit drops 18.6% as anti-pollution rules bite

Volkswagen reported an 18.6 per cent drop in third-quarter adjusted operating profit, weighed down by weaker vehicle sales and headwinds tied to the introduction of more stringent anti-pollution rules.

The carmaker’s adjusted operating profit of €3.51 billion was higher than the €3.21 billion forecast in a Reuters poll of banks and brokerages.

It affirmed on Tuesday its target for 2018 operating return on sales before special items at both the group, and its passenger cars business, to come to 6.5 to 7.5 per cent.

But including special items, the figure will fall moderately short of the expected range, it said.

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Volkswagen has struggled to adapt its fleet to the worldwide harmonised light vehicle test procedure, known as WLTP which took effect in September 2018 resulting in a 3.6 per cent decline in deliveries during the quarter as some car models remained unavailable for sale.

Meanwhile a Munich court ruled that Rupert Stadler the former chief executive of the group’s premium brand Audi will be released from jail, where he’s been held since June, while the investigation over diesel-emission cheating against him continues. The 55-year-old must post bail and was ordered not to contact any people relevant to the investigation.

- Reuters