Volkswagen, reeling from Dieselgate, posts its first loss in over a decade

Volkswagen, reeling from the effects of its emissions scandal that rocked the auto world, posted its first loss in 15 years on Wednesday.

The German company said it had a net loss of $1.83 billion (€1.67 billion) in the third quarter as it set aside €6.7 billion to pay for recalling and fixing cars that were rigged to evade U.S. diesel emissions tests. But while the German carmaker warned that operating profit this year would be "down significantly," it indicated that sales would prove resilient.

The news comes on the same day that CEO Matthias Müller explained a list of next steps for the company, including that its diesel emissions fixes will start in January of next year. Read more...