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Volkswagen Group profits up 22% in the first quarter

Published by on May 4, 2014 in News Leave a comment

Volkswagen Group Profits

It looks like things are going great for the German carmaker which has just released the financial results for the first quarter of 2014. According to the press release, the group’s operating profit went up 22 percent compared to the same time last year, reaching 2.86 billion Euros (aroudn $4 billion), more than 500 million Euros than in Q1 2013. Total revenue also increased almost 3 percent, up to a total of 47.8 billion Euros (more than $66 billion).

Among the best performing brands were Porsche and Audi, the first one reporting increased profits while the second one, even though having the same financial results as last year, did massive investments in technology and new models, with results expected to show in the following months. Another great performer of the group was Skoda, which also reported increased profit, while the Volkswagen brand, even though was profitable, the results were not as good as in 2013. On the other hand, Seat is the only brand who lost money in the first quarter, 36 million Euros, but still an improvement compared to last year’s 46 million Euros loss.

Group wide, Volkswagen has big plans for 2014, looking to sell a total of 10 million units, a performance Toyota managed to achieve in 2013. And looking at how sales are going so far, Volkswagen will probably achieve this target, even though they weren’t so confident back in January. In the beginning, the target of 10 million vehicles sold per year was scheduled for 2018, but the Groupe changed these estimates after the great results reported in 2013.

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