Volkswagen on track one year after 'Dieselgate' blowBERLIN- German auto giant Volkswagen posted net profit of 2.28 billion euros ($2.49 billion) for the third quarter and raised its full-year forecasts, turning the tide from a massive loss a year ago over its emissions cheating scandal. The group's profit for the three months ending September fell slightly short of the 2.45 billion euros forecast by analysts, but was a sharp improvement from the 1.73-billion euro net loss posted for the same period last year. The provisions to cover repairs, buy-backs and legal costs have so far amounted to around 18 billion euros. VW's luxury division Audi on Thursday lowered its own full-year forecast as it grapples with both the dieselgate fallout and a recall over faulty airbags made by supplier Takata. Audi said it had to deal with "additional financial burdens" amounting to 620 million euros in the third quarter.

Source: The China Post October 28, 2016 00:04 UTC