VW still aims to log EUR11.5-bil operating profit for 2013 despite H1 earnings drop

Article by Anita Panait, on August 2, 2013

Volkswagen Group has reiterated its full year 2013 forecast of matching last year’s EUR11.5 billion in operating profit despite posting an 11-percent drop in earnings in the first half of the year. The German carmaker saw its underlying profit drop to EUR5.78 billion ($7.66 billion) in the first six months of 2013 from EUR6.54 billion in the same period in 2012.

Volkswagen Group likewise reiterated targets to achieve new record levels for sales and deliveries, expecting its operations to gain better in the remaining part of 2013. According to the carmaker, costs from an engineering overhaul, facilitating production of small and medium front-wheel-drive family models like the Golf "will have an increasingly positive effect" on its future earnings.

VW is now feeling the impacts of weakening auto markets after seeing its sales in June rise at the third-slowest pace in 17 months. VW, however, posted record group deliveries of 4.7 million cars in the first half of 2013. The carmaker said that it is not “completely immune to the intense competition and its impact on business, adding that there will be “increasingly stiff competition in a challenging market environment.” [source: Reuters]

Topics: vw, profit

If you liked the article, share on:

Pin It

Comments

Recommended

South Korean car company SsangYong recently revealed sketches of their upcoming SUV. We’re not always impressed by Korean car designs, but this one looks quite promising. Yup, it is the...
by - March 26, 2017
Twenty-eight years after the company was first launched by Toyota, which was initially targeted to the United States market only, Lexus has already made its way to over 70 countries....
by - March 26, 2017
Last year was probably Porsche’s best year ever in terms of sales. Their factory in Stuttgart delivered 237,778 cars in total, which represents a six percent increase compared to the...
by - March 26, 2017
Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 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