Volkswagen makes profit of EUR 5.1 billion in 2016

The German car manufacturer Volkswagen reported on February 24 that it had made a profit of EUR 5.1 billion in 2016, despite the scandal related to the software measuring the emission of exhaust gases in their vehicles.

Volkswagen said that it would reduce the bonuses of officials in the executive bodies of the company following the criticism of high salaries.

Executives’ annual salaries will amount to EUR 10 million in the future, whereas other board members will be getting around EUR 5.5 million.

Former CEO Martin Winterkorn earned EUR 17.5 million in 2011 thanks to bonuses.

Volkswagen was struck by scandal when the American authorities determined that the software installed in nearly 500,000 diesel vehicles controlled exhaust gas emission only during testing.

Volkswagen AG Wolfsburg

Volkswagen

Volkswagen financial results

Martin Winterkorn

Volskwagen executive salaries