Volkswagen Grapples With Losses, Recalls in `Year of Transition'
- Biggest car brand slumps to loss on costs of emissions crisis
- `Current situation demands everything of us,' CEO Mueller says
This article is for subscribers only.
Volkswagen AG revealed the lengths the German carmaker has yet to go to pull itself out of the emissions-cheating scandal, with its biggest unit stumbling to a loss, a European recall suffering delays and a U.S. regulatory deal that’s still far from sealed.
At its annual press conference, which was put off for weeks to tally the financial impact from the crisis, Chief Executive Officer Matthias Mueller asked for more time and patience as the embattled manufacturer works through the problems in a “year of transition.”