Vw Q3 profit more than tripled thanks to the demand in China

Article by Christian Andrei, on October 22, 2010

Volkswagen AG announced today the its nine-month operating profit more than tripled. As expected, the sales were boosted by the deliveries in China, and the German manufacturer expects even bigger numbers in the coming months. Volkswagen’s operating profit jumped to 4.8 billion euros ($6.7 billion) from 1.5 billion euros a year earlier.

Furthermore, Vw’s sales jumped 20 percent to 92.5 billion euros, while net income rose more than sixfold to 4 billion euros.

“The successful business growth of the Volkswagen group in the first nine months of 2010 will not continue as strongly in the fourth quarter,” Europe’s largest carmaker said in the statement. “Sales revenue and operating profit in 2010 will continue to perform positively.”

According to Volkswagen the new models such as the Audi A7 Sportback, the 2011 Vw Passat Sedan and Station Wagon, or the all-new 2011 Bentley Continental GT will definitely improve its sales.

Big car markets such as China, Western Europe, North and South America will “continue to drive demand”.

Volkswagen wants to reach its sales goal of 10 million vehicles by 2015, three years earlier than planned. Apparently, Volkswagen wants to become world’s largest car manufacturer and overtake Toyota. [via Bloomberg]

Topics: vw, sales, china

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