Volkswagen revs up sales forecast on rising profits and revenues

 
Rebecca Smith
VW has polishing up its sales for the first half of the year
VW has polishing up its sales for the first half of the year (Source: Getty)

Volkswagen has raised expectations for sales this year as it unveiled rising profits for the second quarter, after shrugging off an EU cartel probe.

The car firm's chairman Matthias Müller said the company was "grateful for the growing amount of trust we are enjoying among customers and on the capital markets".

The figures

Group operating profit more than doubled for the second quarter at €4.55bn, up from €1.9bn this time last year.

For the first half of the year, group sales revenue rose by 7.3 per cent to €115.9bn, while operating profit rose from €7.5bn to €8.9bn.

Volkswagen said results for the first half were boosted by increases in unit sales in Europe, and in North and South America.

The firm said it expects full year revenues to rise by "more than four per cent", an upgrade on previous guidance of "up to four per cent".

Why it's interesting

Shares in the group, which owns the VW brand, along with Bentley, Skoda and Seat, had dipped recently after it emerged the EU was investigating allegations it teamed up with other German car giants to breach EU cartel rules.

In a statement following a meeting held yesterday, Volkswagen said it has "no comment to make at the present time on details of these issues or on speculation which has among other things become the subject of public debate".

But, VW said it was normal for car manufacturers to "engage in an exchange on technical issues in order to accelerate the pace and quality of innovations".

What the company said

Matthias Müller, chairman of the board of management of the Volkswagen Group, said:

The remarkable half-year result and the excellent development with regard to deliveries in June are confirmation that the Volkswagen Group is on the right path again. We are grateful for the growing amount of trust we are enjoying among customers and on the capital markets.

The solid footing of our operating business serves as the basis for our work, namely to transform the Volkswagen Group from a pure car maker into a world-leading provider of sustainable mobility.

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