You need to spend 45 minutes with the Volkswagen Group’s latest full-length financial press release to realise just how precarious the Volkswagen brand’s situation has become.

There are some bright spots. Between January and March this year, vehicle deliveries across the whole VW Group crept up to 2,508,000 units, a rise of 0.8% on the same period in 2015. And the VW Group now has a handy £19.8 billion in cash in the bank, a massive 25% jump on the same time last year.

But the bad news makes a much longer list. Overall sales revenue fell 3.4% (which VW blames mainly on exchange rate issues), profit margins after tax fell from 7.5% for the whole VW Group to just 6.3% and after-tax profits fell almost 20%, to £1.8bn from £2.24bn.

Despite the massive media bashing over the emissions scandal, the advantage of having a portfolio of brands is shown in the sales performance of the various marques. Audi was up by 4% to nearly 456,000 sales in the first three months of the year.