Volkswagen is losing money because of it's diesel scandal.
German carmaker reveals first quarterly loss in 15 years
Due to the embarrassing diesel scandal, Volkswagen is reporting it's first quarterly loss in 15 years.
Volkswagen Diesel car
The German auto manufacturer has reported it's first quarterly loss in 15 years.
Volkswagen's report shows 3.7% reduction in vehicle sales and 11.6% loss in production.
However, the car maker expects a 4% in sales revenue.
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Last month, the CEO of Tesla Motors, Elon Musk, gave his opinion on the scandal, advising the engineers involved to resort to trickery as “the only option.”
He went on to advise the German carmaker to switch to electric cars.
“Any car company that doesn’t go electric will go out of business."
Seems like Volkswagen was listening as Herbert Diess, an executive, has revealed the carmaker is geared towards designing electric cars.
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Hopefully, this help Volkswagen make some profit.
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