Volkswagen shares rise despite billions of losses – CNBC
Since the scandal emerged, Volkswagen has appointed a new chief executive, Matthias Mueller, and promised to step up cost-cutting efforts.
Mueller said in a statement: “The figures show the core strength of the Volkswagen Group on the one hand, while on the other the initial impact of the current situation is becoming clear. We will do everything in our power to win back the trust we have lost.”
Winning back that trust in both its cars and its share price could be difficult.
“Volkswagen is facing a big black hole that it’s going to have to throw money at for the foreseeable future, and at the moment it has no idea how deep that hole is,” Laith Khalaf, senior analyst, HargreavesLansdown, wrote in a research note.