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VW Posts 3Q Growth but Cuts Sales Outlook
Volkswagen AG’s unit sales, revenue and operating profit all rose in the third quarter. But the company trimmed its sales outlook because the global market is cooling faster than expected.
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Volkswagen AG’s unit sales, revenue and operating profit all rose in the third quarter. But the company trimmed its sales outlook because the global market is cooling faster than expected.
Group deliveries in July-September rose 1% to 2.64 million vehicles, and revenue surged 11% to €61.4 billion ($68.2 billion). Operating profits jumped by two-thirds to €4.5 billion ($5 billion).
But the company predicts “moderate” shrinkage in the global passenger car market for the full year, accompanied by a “noticeable dip” in demand for light commercial vehicles.
VW expects sales revenue from its car and light commercial vehicle operations will grow 5% this year. The carmaker previously anticipated a slight increase in unit sales, but now it says volume will be flat.
The company anticipates an operating return on sales of 6.5%-7.5% this year compared with 7.3% in 2018.
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