Vw says that growth in the current quarter will slow

Article by Christian A., 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

Recommended

More efficient, more power and longer range. This is how we could best describe the electric version of the Volkswagen Golf for the 2017 model year. In terms of efficiency,...
by - February 28, 2017
If you think you’re all ready for the new 2018 Audi S4 sedan when it arrives in the United States this spring, then better make sure that your pockets are...
by - February 28, 2017
One of the executives at Volkswagen tagged in the so-called Dieselgate scandal has pleaded not guilty to a list of allegations surrounding the carmaker’s actions to cheat emissions regulations in...
by - February 27, 2017
When the Crown De Luxe saloon was first released in 1972, it was at that time the most lavish Toyota model available to British customers. Both unusual and exclusive, one...
by - February 27, 2017
The ride-sharing fleet of sharing Lyft Inc. will soon include thousands of specially fitted self-driving Chevrolet Bolt electric vehicles, courtesy of General Motors. If plans push through, Lyft’s clients would...
by - February 27, 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