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Profit down by almost a fifth at Volkswagen, and that's good news. Analysts had expected worse. Shares up around 5% on the numbers in early trade. That made it one of Tuesday's biggest gainers on Germany's benchmark tax index. Like all auto makers, VW is struggling to adapt to new emissions rule.
All current models needing to be retested. Sales of some cars on hold as a result. It all flows from the firm's 2015 emissions cheating scandal. German analysts estimate VW could still face 20 billion Euros in fines and penalties over that. One big hope for auto makers this week though.
China reportedly planning to slash its tax on new cars to spur demand. The last time they did that, sales soared. VW and rivals will be hoping to repeat the trick in the worlds biggest car market.