Rival automakers salivating at the thought associated with snapping up the castoff from Volkswagen’s brand portfolio will have to sit and wait.
Amid harsh fourth-quarter financial data and ongoing expenses linked to the diesel-powered emissions scandal, the company is actually standing by its property, but admits they may have to jettison some in the event that unexpected expenses appear.
After delaying the release of a 2015 financial report with regard to months, Volkswagen said hello posted a One hundred and twenty-seven million euro loss ($144 million) in the last 3 months of the year. Compare which to a 780 million dinar ($885 million) profit within the same period last year.
Volkswagen CEO Matthias Mueller told journalists at a Wolfsburg press conference that the company can “hardly avoid saying that the current situation needs everything of us, in each and every respect?- such as financially.”
Despite setting aside billions last week to cover scandal-related costs, about half of which will go to cover the Ough.S. buyback program, the actual company’s annual report states that it could need to shed assets to cover future costs.
“The funding needed to include the risks may lead to assets?having to be offered due to the situation and equivalent proceeds for them not being achieved as a result,” the company said in today’s report.
The company’s chief financial official, Frank Witter, downplayed the statement after its release, stating,?“We believe within our multi-brand group, so we don’capital t have brand or unit sales around the agenda at all.”
The future contains uncertainties, then he implied, leaving the door open to potential asset sales if Vw finds itself against the financial ropes.
Among additional makes, Volkswagen Group owns the prestige brands Lamborghini, Bentley, Bugatti, and Ducati.