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Volkswagen Reports Jump in Q1 Profitability

Group rides Audi, Porsche, heavy trucks to increase.

by on Apr.29, 2014

VW CEO Martin Winterkorn announced the automaker saw operating profit rise 21.8 percent during the first quarter.

Volkswagen AG enjoyed a strong first quarter reporting a 26.8% increase in net income as well as a 21.8% rise in operating profit on just a 2.7% jump in revenue. Most of the company’s brands saw an increase in operating profit, except its namesake brand, Volkswagen.

VW’s operating profit was about $610 million for the quarter compared with about $815.2 million a year ago. The company said, “it was negatively impacted by lower sales volumes, negative exchange rate trends especially in South America and Russia and higher upfront investments in new technologies, while lower material costs and improvements in the mix had a positive effect.”

Global Outlook!

Porsche recorded an operating profit of $957.6 million in the first three months compared with $791.7 million for the same period last year. (more…)

Audi Profits Slip, but Share Grows

Automaker putting off indefinitely a U.S. assembly line.

by on Jul.31, 2009

Audi is counting on its expanding line-up, including products like the upcoming A5 Sportback, to help it gain global market share and keep its balance sheet in the black.

Audi is counting on its expanding line-up, including the upcoming A5 Sportback, to help it gain global share and keep its balance sheet in the black.

The global slump may have taken a toll on Audi’s sales and profits, but the automaker insists the downturn could play to its advantage, longer-term.

The German maker, a semi-autonomous arm of giant Volkswagen AG, reported that it was able to stay in the black, during the first half of 2009, unlike many of its competitors, though profits still slipped by 25%. Sales slipped 9.7% from January through June, noted Chief Financial Officer Axel Strotbek, but that was also a fair bit better than the overall, 18% industry downturn, he stressed, during a conference call with American journalists.

“We want to use this opportunity to emerge from the current crisis considerably stronger,” the executive said, “a winner in the long-term.”

At the current exchange rate, Audi AG posted a net first-half profit of $979.5 million, or €697 million. During the same six-month period last year, Audi’s net was €903 million.

Meanwhile, unit sales fell from 516,219 to 466,000, a nearly 10% dip. The decline varied sharply from country to country, Strotbek noted. In fact, volume increased in China by 10.5%, where Audi now holds a 42% share of the premium car market. Early in the year, the Chinese government took aggressive steps to revive faltering momentum in the country’s automotive market – now the single largest national market in the world. It is now Audi’s second-largest market, after Germany.

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