Volkswagen back into black in 2016

Volkswagen are back into the black in 2016, thanks to record global sales and decreased costs in addressing their emissions test scandal.

The German automaker released on Friday its group-wide earnings results for last year.

Volkswagen sales stood at 217.3 billion euros or around 230 billion dollars, up 1.9 percent from the previous year.

Volkswagen posted all-time high deliveries of over 10 million units, topping Toyota Motor for the first time.

But the costs were reduced on a scandal involving software designed to rig emissions tests. The amount shrank to 6.8 billion dollars from 17.1 billion dollars in 2015.

As a result, the group reported a net profit of 5.4 billion dollars, compared to a net loss of nearly 1.7 billion dollars a year before.

Volkswagen also announced it will limit remuneration for its executives, starting this year.

Annual pay for its CEO will be capped at 10 million euros or 10.6 million dollars. Other executives will be paid a maximum of 5.8 million dollars.

The company faced criticism about handsome salaries paid to board members despite a massive loss the company suffered in 2015.NHK

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