Vw says that growth in the current quarter will slow

Article by Christian Andrei, on October 23, 2010

Volkswagen exceeded analysts’ estimates and posted a nine-month profit that’s more than sixfold. However, VW predicts that there will be a slowdown in the current quarter’s growth.

It posted a net income of 4 billion euros ($5.6 billion), compared with 655 million euros a year earlier. In a Bloomberg survey, four estimates from analysts predicted profit of 2.8 billion euros.

Sales went up by 20% to 92.5 billion euros. VW didn’t provide a breakdown of the third-quarter figures. VW’s profit is affected by the Audi luxury unit and growing markets such as China.

In a statement, VW said that the growth rate in the first nine months won’t continue “as strongly” in the fourth quarter. Juergen Pieper, a Frankfurt-based analyst at Bankhaus Metzler, said that the company is “fairly cautious on the outlook.”

Pieper calls these results as “extremely good” and describes VW as well positioned, facing no actual risks for a significant weakening of the business.

Sales of VW’s seven passenger-car brands, including Audi and Czech unit Skoda, in the first nine months of the year, had increased by 13% to a record 5.37 million vehicles. These figures exclude deliveries at Porsche SE, which is merging with VW. New models will be presented, including the Audi A7 coupe, the VW Passat station wagon or Bentley’s new Continental GT coupe.

This new lineup is expected to boost demand in China, western Europe, North and South America. A source said that VW expects to hit its sales goal of 10 million vehicles by 2015 (three years earlier than planned). The source added that VW targets over 8 million deliveries by 2012. [via autonews - sub. required]

Topics: vw, sales

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

As if seeing the future more than a decade from now, one of the top scientists in the world of robotics and automations is predicting that children born today won’t...
by - January 19, 2017
Ford has just recently unveiled the 2018 Ford Mustang, and as it turned out, the carmaker gave its beloved pony car a facelift. There have been mixed reactions about the...
by - January 19, 2017
The bidding war for one of the only 20 examples -- 21 actually, but the 00 version went to a museum -- of the classically beautiful Lamborghini Reventon built and...
by - January 18, 2017
Bentley once again confirmed its plans to push PHEV into their future lineups. As a matter of fact, the Bentayga SUV will be the first to have the plugin hybrid...
by - January 18, 2017
Each time that Mini launches a new generation of the Countryman crossover, a John Cooper Works performance version is always expected to follow. When Mini unveiled the next-gen 2017 Mini...
by - January 18, 2017
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