Mexican Media Brands
VW’s Profits Surge 23%
A 6% gain to 2.84 million unit sales helped boost Volkswagen AG’s second-quarter operating profit, excluding special items, by 23% to €5.6 billion.
#economics
Share
A 6% gain to 2.84 million unit sales helped boost Volkswagen AG’s second-quarter operating profit, excluding special items, by 23% to €5.6 billion.
Operating profit fell 13% when special items, led by €1.6 billion involving VW’s diesel emission cheating scandal, are included.
Group revenue for the period grew 3% to €61.1 billion ($71.3 billion). Net profit climbed 7% to €3.3 billion. ($3.9 billion).
VW predicts its retail unit sales this year will “moderately exceed” last year’s total, and sales revenue will grow as much as 5%. But it cautions that special items will cause its operating return on sales to fall “moderately short” its previous guidance.
RELATED CONTENT
-
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.
-
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
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.