VW multiplies profit
10/22/2010
In the same period last year, the third largest car manufacturer in the world only had after-tax profit due to the crisis 655 million euros.
Fourth quarter will be weaker
The Wolfsburg-based company also posted a big plus in sales. Revenues rose during the first three quarters by almost a fifth to 92.5 billion euros. However, Volkswagen pointed out that business will not be as strong in the last quarter. Overall, significant increases are still possible for 2010 - both in sales and in the operating result.
The operating result has reached around 4.8 billion euros since the beginning of the year. In the same period of the previous year, it was less than a third of this amount at around 1.5 billion euros. Volkswagen intends to present the complete quarterly figures on Wednesday (October 27).
On the stock market, however, the group's preliminary data and estimates for the fourth quarter were received with disillusionment. According to the announcement, VW preferred shares gave up the majority of their previously earned profits.
Biggest automaker, perhaps as early as 2015
Last week, VW announced that it had reached five for the first time in nine months Having cracked millions of vehicles delivered. With a total of 5.4 million cars sold, the group managed an improvement of 12.7 percent. Sales director Christian Klingler was 'very satisfied with this development'.
Although the schedule for the integration of the sports car manufacturer has not yet been finally clarified after the takeover battle with Porsche due to unresolved legal issues, VW is sticking to its ambitious goal firm to become the industry leader by 2018 at the latest. According to media reports, the group could possibly overtake General Motors and Toyota in 2015 and build ten million cars a year. While the growth prospects are particularly good in China and India, the US market is still considered difficult.
