Volkswagen is benefiting from rising prices and currently high demand
Volkswagen production at the main plant in Wolfsburg: The current quarterly figures are still very decent. But things could look very different as early as 2023.
(Photo: Reuters)
Higher deliveries and better prices have boosted Volkswagen’s profits. In the third quarter, the operating result (EBIT) climbed by 64.5 percent to around 4.3 billion euros, as the group announced on Friday. According to data from Refinitiv, analysts had expected an even higher EBIT of 4.7 billion euros on average.
The costs of the Porsche IPO and write-downs due to the suspension of the Russian business burdened the operating result with a total of 1.6 billion euros. The bottom line is that quarterly profit fell by more than a quarter because Volkswagen also booked 1.9 billion euros for the liquidation of the startup Argo AI for robot cars held with Ford in the financial result.
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The board of directors around the new CEO Oliver Blume confirmed the outlook for the year as a whole, despite the stubborn shortage of parts and an onset of a downturn in the industry. Europe’s largest car group continues to assume that sales will grow between eight and 13 percent this year and that the operating return will end up at the upper end of the forecast range of between 7.0 and 8.5 percent.
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“However, it is now expected that deliveries to customers of the Volkswagen Group will be in the range of the previous year,” said Volkswagen. So far, the group had announced an increase in sales of five to ten percent.
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