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VW’s Third-Quarter Profit More Than Doubles
Volkswagen Group’s net profit in July-September soared to €2.8 billion ($3.1 billion) from €1.1 billion in the same period last year.
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Volkswagen Group’s net profit in July-September soared to €2.8 billion ($3.1 billion) from €1.1 billion in the same period last year.
A richer sales mix pushed third-quarter revenue up 1% to €55.2 billion ($62.8 billion). Operating profit for the period climbed to €2.7 billion ($3.1 billion) from €1.7 billion last year.
The group’s quarterly wholesale volume fell 4% to 2.54 million cars and trucks, mainly because of snags certifying its of models to meet Europe’s new WLTP emission test protocol. Retail sales for the period slipped 2% to 2.61 million units.
VW reports that its overall retail volume through the first nine months of 2018 grew 4% to 8.13 million units. Passenger car sales accounted for 7.59 million of the total.
VW expects the that global passenger car market will be flat this year. The company predicts its own deliveries of cars and commercial vehicles will “moderately” surpass last year’s record 10.7 million vehicles, thereby defining the group’s claim as the world’s largest vehicle manufacturer.
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