Volkswagen AG may have recorded strong results in October but it is now sternly warning investors against interpreting those figures to mean that the car industry will be headed for a lasting rebound. VW says that sustained recovery is still a long way yet and that 2010 is expected to be a difficult and challenging year, according to VW sales chief Detlef Wittig.
He had forecast in September that group volumes would stagnate at about 6.2 million vehicles both this year and in 2010. In October, VW reported a double-digit growth in group sales due to the flurry of demand in China and Germany. Last month, VW delivered 557,300 vehicles across its eight car brands, representing an 11% improvement.
That gain pushed up cumulative sales for the first time in 2009. For the first ten months of 2009, VW's volumes have been up 0.6 percent to 5.32 million.
Due to high demand in China, Brazil and Germany, the core VW brand saw October deliveries rise 17 percent to 349,800 vehicles. Czech subsidiary Skoda pushed its sales up by 33 percent to 65,600 cars last month, while VW's money-losing Spanish brand Seat reported a slight gain of 1.9 percent to 29,600 units.