VW Profit Rises 16%

Volkswagen AG's revenue in July-September 2014 grew 4% to €48.9 billion. Earnings before interest and taxes climbed to €3.2 billion from €2.8 billion in the same period in 2013.

Third-quarter retail deliveries for the group, including those by its unconsolidated joint ventures in China, rose 4% to 2.48 million units. Net profit surged 58% to €2.9 billion.

CEO Martin Winterkorn says the company appears likely to reach its sales goal of 10 million vehicles in 2014, four years earlier than it originally expected.

For the first nine months of 2014, group revenue advanced 1% to €147.7 billion. Vehicle sales grew 6% to 7.6 million units, and operating profit increased to €9.4 billion from €8.5 billion. Group net profit advanced 27% to €8.5 billion.

Unit sales in January-September declined 3% to 3.39 million for VW brand vehicles. Sales rose for Audi (+8% to 1.1 million), Skoda (+17% to 612,000), SEAT (+9% to 365,000) and Porsche (+17% to 134,000).

Commercial vehicle sales by VW and Scania were unchanged at 325,000 and 56,000 units, respectively, in the first three quarters. Truck sales by MAN dropped 12% to 86,000 units.

By market, VW Group sales shrank 4% in North America and 22% in South America in January-September. Volume rose 6% in Asia Pacific and Europe/other markets.