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

Not so long ago, the 2018 Genesis G80 Sport made its debut at the 2016 LA Auto Show. But at that time, it did not have a price yet. And...
by - April 23, 2017
It seems like an increase in price has become a trend for automotive companies lately. Genesis isn’t alone when it comes to this. Subaru had just announced that the 2018...
by - April 23, 2017
Imagine a sports car morphing into an SUV. Chevrolet initially revealed the FNR Concept at the previous Shanghai Auto Show in 2015. For this year, Chevy once again graces the...
by - April 22, 2017
From the moment FCA kicked off with its 3-month-long ad campaign until the day it unveiled the new Dodge Challenger SRT Demon, folks have been guessing what the exact figures...
by - April 22, 2017
Some people may think Audi Sport is a new company but it is in fact the motorsport division of Audi combined with the best of what Quattro GmbH can offer....
by - April 21, 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