Volkswagen profit rises 6.8 per cent despite diesel costs

Volkswagen says its profits rose 6.8 per cent in the second quarter compared to the year-earlier quarter despite USD 1.9 billion in charges for its diesel problems.

The Wolfsburg, Germany-based automaker said Wednesday that profit rose to 3.31 billion euros from 3.10 billion a year earlier. Revenues rose 3.4 per cent to 61.14 billion euros.

The company had record sales volume for the first six months of the year of 5.5 million vehicles, an increase of 7.1 per cent.

CEO Herbert Diess said that the company "cannot rest on its laurels" due to coming challenges such as new, tougher emissions certification for vehicles.

 

He also warned that "growing protectionism also poses major challenges" for the industry." US President Donald Trump has imposed new tariffs on steel, aluminum and Chinese goods.