VW’s main shareholder records loss over emissions scandal

BERLIN – Volkswagen’s main shareholder, Porsche SE, says it made a loss after tax of 273 million euros ($302.3 million) last year due to the emissions cheating scandal affecting VW’s diesel cars.

Porsche SE, which holds 52.2 per cent of voting shares in Volkswagen, made a profit after tax of 3 billion euros in 2014. It is separate from sports car maker Porsche AG, a wholly-owned subsidiary of Volkswagen.

The chief executive of Porsche SE, Hans Dieter Poetsch, said Wednesday that the holding company is “firmly convinced that Volkswagen has long-term growth potential.”

He called Tuesday’s announcement that Volkswagen will spend up to $15.3 billion to settle consumer lawsuits and government allegations in the United States “an important further step to overcoming the diesel issue.”

Poetsch is also the board chairman of Volkswagen.