Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
Associate PartnerAssociate Partner
News18 » Auto
1-min read

Volkswagen Says Profitability Could Take a Hit Due to Shift to Electric Vehicles

Volkswagen has been investing billions of euros in electric vehicles (EVs) and working on launching a raft of new models.


Updated:February 26, 2018, 4:47 PM IST
Volkswagen Says Profitability Could Take a Hit Due to Shift to Electric Vehicles
Volkswagen Logo. (Photo: Reuters)

Volkswagen said profitability could take a hit this year after posting record 2017 earnings, as the carmaker invests billions of euros in electric vehicles (EVs) and launches a raft of new models.

Europe's largest automotive group said it expects a return on sales for 2018 of between 6.5 and 7.5 percent before special items, after reaching 7.4 percent last year, and revenue to exceed 2017 levels by as much as 5 percent.

Volkswagen (VW) has been roiled by its "Dieselgate" emissions scandal that has inflicted about $30 billion in costs and fines just as it pushes billions of euros of investment into electric and self-driving cars.

The German group announced another 600 million euros ($738 million) in provisions related to the emissions trickery, raising the amount set aside last year to 3.2 billion euros.

In total, VW has assigned 25.8 billion euros to cover fines, compensation and vehicle refits, of which nearly 20 billion has so far been paid out.

"We must not relax our efforts because huge challenges lie ahead," finance chief Frank Witter said. "Shaping the group's transformation will not only require a great deal of time and energy, it will also be very expensive."

Group operating profit after special items nearly doubled to a record 13.8 billion euros from 7.1 billion a year ago, VW said, helped by record sales of luxury Audis and Porsches but below the bottom-end forecast of 13.9 billion in a Reuters poll.

VW's emissions manipulations have not dented the carmaker's popularity among consumers. Group sales jumped 10 percent in January with demand up in all major world regions, after hitting a new record of 10.7 million vehicles in 2017.

Also Watch

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Manav Sinha
Read full article
Next Story
Next Story

Also Watch


Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results