Porsche and Audi power a rise in revenue for car giant Volkswagen

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PORSCHE and Audi sales have lifted quarterly earnings for their parent company Volkswagen as car buying across Europe strengthens, the German firm said yesterday.

More than 38,000 motorists drove away a new Porsche in the first three months of the year, or 4.5 per cent more than the same period last year.

Porsche’s revenues rose by a fifth to €3.98bn (£3.3bn), while operating profits rose 22 per cent to €698m.

“Assuming that sales in Europe will continue to stabilise despite the unresolved structural problems, our aim is to achieve at a minimum a profit comparable to the previous year,” said finance boss Lutz Meschke.

Audi, meanwhile, posted an 11.7 per cent rise in sales to 413,000 vehicles, helped by improving sales in Europe.

VW’s overall sales rose 2.7 per cent to €47.8bn, while operating profits rose by €500m to €2.9bn. Profits in the same period last year were hit by a recall charge and a provision for a power plant project.

Shares in VW closed down 1.16 per cent at €192.30.