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]

If you liked the article, share on:

Topics: vw, profit

Comments

Recommended

It has been nearly eight years since Toyota entered a new era of sports cars when it officially unveiled the production version of the Toyota 86 – also known as...
by - February 27, 2019
The new Audi TT RS – yes, the top version of the German carmaker’s facelifted TT model series – is now officially here. If you could remember, the range-topping TT...
by - February 18, 2019
Nearly half a year ago when McLaren Automotive unveiled the McLaren 600LT Coupe, the British carmaker is now introducing a version that lets its passengers enjoy the thrill of an...
by - January 25, 2019
German carmaker Volkswagen is now making the latest evolution of the new Volkswagen Golf GTI -- the new Golf GTI TCR. First unveiled as a concept at the annual GTI...
by - January 24, 2019
It has been three and a half years since BMW unveiled the sixth generation of the BMW 7 Series. Thus, it is really about to give the 7 Series a...
by - January 17, 2019