Powerful asset manager Hermes calls for ‘no confidence’ vote in Volkswagen bosses – Telegraph.co.uk

Posted: Tuesday, May 09, 2017

The committee is also battling for compensation for the 1m affected UK drivers, citing US motorists receiving up to $10,000 each.

Despite its troubles, VW has performed strongly in the wake of dieselgate and has again overtaken Toyota as the world’s largest vehicle manufacturer, selling 10.4m in 2016.

Last week it reported first quarter sales at the group – which includes the Audi, Bentley, Porsche, SEAT and Skoda marques – rose 10.3pc to €56.2bn (£47.5bn), while operating profit was up 7.8pc at €4.4bn.

Despite the stronger financial performance, vehicle sales numbers edged back, dropping 0.5pc on last year’s level to 2.495m.

In its home market of Germany they rose 0.2pc to 320,000, but export sales were off 0.6pc at 2.175m.

VW declined to comment.


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