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

A few months ago, Mercedes-Benz promised that they will be treating everyone to a “big surprise” during the Monterey Car Week. And true enough, many of us were stunned as...
by - August 19, 2017
McLaren has already shown some interest in electrifying their models. And initially, we thought that they will just use hybrid systems to use across their current lineup. Nevertheless, we have...
by - August 19, 2017
Fifty years after its glorious victory at the 24 Hours of Le Mans, Ford launches the 2018 Ford GT ’67 Heritage Edition at the 2017 Monterey Car Week. The red...
by - August 18, 2017
Hyundai has recently unveiled an unnamed pre-production model of its new fuel cell SUV. We don’t know what to call this model just yet, but sources say that this model...
by - August 18, 2017
This weekend at the 2017 Pebble Beach Concours d’Elegance, the BMW Z4 Concept will make its first public appearance. The good news is that we will finally have a real...
by - August 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