Volkswagen posts record first-quarter results thanks to new models

Article by Christian Andrei, on April 27, 2011

Volkswagen AG revealed a net income increase for the first quarter to 1.71 billion euros ($2.51 billion) from 473 million euros last year. Its profit exceeded the 1.63 billion-euro average estimate of seven analysts that Bloomberg has compiled earlier. The company’s revenue increased 31 percent to 37.5 billion euros.

Martin Winterkorn, the company’s CEO, repeated that the rising demand in China will help increase the company’s revenue and profit for this year.

The company has also stated that deliveries for this year will increase 5 percent from 7.2 million vehicles in 2010. In China alone, the VW brand’s deliveries increased 20 percent during the first quarter of this year.

Worldwide, the company reported sales of 1.97 million units during the quarter, with the demand for VW's Tiguan compact SUV as well as for Audi's new A7 Sportback and revamped A8 sedan identified as contributing factors.

The company is relying on the market growth in China, Brazil, India and Russia when it comes to achieving its goal of outperforming Toyota Motor Corp. as the largest automaker in the world. The company’s automotive division net liquidity remains high at 19.6 billion euros after increasing 1 billion euros during the first quarter of this year.

Despite the fact that VW paid out 3.5 billion euros to acquire Europe's biggest car retailer, Porsche Holding Salzburg, liquidity still increased. The company also obtained an 8.18 percent stake in Germany-based SGL Carbon, which made VW become the second largest shareholder of SGL next to BMW AG.

Topics: vw, sales, record

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Autonomous cars are slowly but surely gaining more appeal among drivers around the world. While a complete self-driving system has yet to be launched, carmakers have been finding ways to...
by - December 6, 2016
BMW has officially ended the production cycle for what is considered as its meanest and fastest sports car – the BMW M4 GTS. Basically a power-up evolution of the BMW...
by - December 6, 2016
Now that Lamborghini is set to bring a “more aggressive” Aventador, it only makes sense that it will be given a name. Seeing how it goes, perhaps we won’t be...
by - December 6, 2016
The recently concluded 2016 Los Angeles Auto Show has just showcased the new generation Mazda CX-5. And with it comes a rendered version for an MPS variant. Let us see...
by - December 6, 2016
Nikola Motor’s hydrogen-powered semi-trailer truck is highly appealing with its many advancements but don’t expect it to arrive in the near future. In November 2016, Toyota announced the possibility of...
by - December 5, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries