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VW Hits Earnings Home Run; Daimler Profits Slip

Volkswagen confirms it is on track to be global #1.

by on Oct.27, 2011

The real battle for world dominance will be in China where VW is firmly entrenched.

Volkswagen delivered a huge third quarter, while rival Daimler had its problems.

Confirming it is on track to become the global sales leader Volkswagen revealed it had also hit one out of the park, tripling its net profit for the third quarter of 2011.

Things didn’t go so well for VW’s German rival during the July – September quarter, however, Daimler AG announcing a 15% earnings decline – even though senior officials insisted the company is still on track to deliver better numbers for all of 2011.

Volkswagen’s big increase accompanied a sharp jump in worldwide sales, which reached 6.2 million vehicles during the first nine months of this year.  With VW expected to top sales of 8 million for the full year, industry analysts have predicted the carmaker will outsell rivals General Motors and Toyota – which had led the industry for the last few years but has been hurt by production cuts resulting from the Japanese earthquake of March 11.

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For his part, VW Chief Executive Martin Winterkorn admitted his goal of world automotive domination, though not necessarily this year, telling investors, “We are on the right path to becoming the world’s leading automaker by 2018 — in both economic and ecological terms.”