Volkswagen Group results continue to improve despite fewer cars sold

Date:

Seat still sees no positive numbers, with operating losses of 10 million so far this year

The scarcity of semiconductors in the automotive industry has led manufacturers to focus on better-equipped models and more profitable channels. In the case of the Volkswagen Group, the first manufacturer in Europe and the second in the world, this is no exception.

At the end of the third quarter, the German consortium’s brands had reached 6.2 million units, 22% less than the 7.9 registered in the same period last year. However, turnover did not fall in the same proportion,
but it grew by 9%, to 203,000 million euros.

Operating income reached 17,500 million, 23.3% more than a year ago, leaving the operating margin at 8.6%. This is above their year-end forecasts, which will be between 7% and 8.5%. Net profit was 12,700 million, up 12.4%.

The improvement in the figures is mainly due to the good performance of the Premium, Sport & Luxury and Financials business areas. The first two automotive divisions achieved margins of 14.1% and 19.4% respectively.

Volkswagen has of course emphasized that 2022 has been a particularly turbulent year, with disruptions in international transport, the war in Ukraine or the high level of orders. In addition, they had to deal with exceptional costs, such as the Porsche IPO, which involved 1,600 million euros.

Of the 2.1 million deliveries in the quarter,
6.8% corresponded to zero-emission vehicles, with China being the largest volume market. A total of 366,400 units have reached customers so far this year, and the order book in Western Europe is now over 350,000.

Looking ahead to the end of the year, the VW group estimates that its revenues will be between 8% and 13% higher than in 2021, with a significant improvement in the semiconductor supply in the last quarter.

With regard to the results of each brand,
Porsche is the starwith a net profit of 5,050 million euros, 41% more than a year ago, thanks to the sale of its legendary sports car 911.

as a counterpart,
Seat continues without seeing positive numbers, with an operating loss of 10 million. However, this is a significant improvement over the 2021 registered, which was 159 million.

This week, Volkswagen made the surprising announcement that:
would arise from the autonomous driving start-up Argo AI, in which he participated with Ford. For the Germans, this decision entails a burden of 1,900 million.

For the CEO of the Volkswagen Group,
Oliver Blumea“The goal is to deliver the most powerful features as quickly as possible. Speed ​​of development is important, as is doing it in the most cost-efficient way.” The consortium will continue to work with Bosch and Horizon Robotics to develop autonomous driving.

Source: La Verdad

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Russian offensive – expert on Putin: “He is missing 300,000 soldiers”

Two years after the start of the war in...

Near Sevastopol – Russian military plane crashes into the sea burning

According to the local governor, a Russian military plane...

Stricter controls – police warn of busy Easter travel weekend

There will be many day trippers and holidaymakers in...