Day 7

The dark mantle of fumes hanging over the German carmaker is clearing. Delayed first-quarter results, released today, are unlikely to make investors splutter. VW held numbers back while it tangled with American courts and regulators over compensation related to a diesel-emissions scandal; they will show healthy profits and decent sales increases for most of the company’s brands, except those with the VW badge on the bonnet. The company had to put aside €16.2 billion ($18 billion) to cover compensation and fines relating to Dieselgate; now it can concentrate on launching a range including several SUVs, currently the hottest-selling motor, and a strategy review due in the summer. Some observers think this will set VW on a new course by slashing costs and executive pay, and make the firm nimbler by loosening the grip of its notoriously centralised management. The black cloud may have a silver lining.