Mexican Media Brands
VW Group Profits Soar
Volkswagen AG’s increased revenue 5% to €59.7 billion ($69.6 billion) in April-June.
#economics
Share
Volkswagen AG’s increased revenue 5% to €59.7 billion ($69.6 billion) in April-June. Net profit surged to €3.2 billion ($3.7 billion) from €1.2 billion in the same period last year.
The group’s second-quarter operating profit, which excludes results from its joint ventures in China, more than doubled to €4.5 billion ($5.2 billion). Vehicle deliveries rose 2% to 2.66 million units.
VW’s pretax earnings through the first half of 2017 grew 19% to €8.9 billion ($10.4 billion). Revenue increased 7% to €115.9 billion ($135.2 billion). Six-month sales volume advanced 1% to 5.27 million vehicles.
The company’s VW car brand doubled its operating profit to €1.8 billion ($2.1 billion) in January-June. Audi brand EBIT was unchanged at €2.7 billion ($3.1 billion). Porsche saw its profits climb 17% to €2.1 billion ($2.5 billion). Skoda’s EBIT rose 26% to €860 million ($1 billion).
VW’s Scania and MAN heavy-duty truck operations posted first-half profit gains of 22% to €673 million and 4% to €193 million, respectively.
VW Group expects to “moderately exceed” last year’s unit volume of 10.30 million units in spite of headwinds caused by its lingering diesel cheating scandal, volatile exchange rates, intense competition and uncertain economic trends.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.