Diesel is dead, at least for VW.
The Dieselgate scandal that plagued Volkswagen not so long ago is now nearly a thing of the past. According to Reuters and Bild am Sonntag, the German automotive giant achieved a combined group sales of around 10.7 million cars last year. Thanks to its Audi and Porsche luxury brands, total revenue is expected to surpass 220 billion euros ($264 billion). Even 2016's revenue wasn't too shabby with 217 billion earned. That year's revenue is significant because 2016 was the first full year post-Dieselgate.
You know, that whole emissions test cheating thing that forced VW to pay out a $14.7 billion settlement in the US alone. The automaker was also forced to buy back diesel-powered vehicles for customers who were deceived into buying them. But thanks to new leadership in both Europe and the US, Volkswagen has literally become a new company. Diesel is nearly gone and electric mobility is in. While these technological advances are taking place, VW Group brands have consistently launched new and relevant product that, evidently, people across the world are happily buying. What's pretty amazing about VW's stellar 2017 is that it beat Toyota, the largest auto company in the world for 2016.
The Japanese automaker sold around 10.35 million cars in 2017, which is actually up by 2 percent from the previous year. Aside from solid sales figures from Audi and Porsche especially, what else contributed to Volkswagen's great year? China. Last year saw a double-digit increase in China as well as gains in Europe. Yep. Dieselgate is now officially a mere memory.