German carmaker Volkswagen increased its second-quarter adjusted operating profit by 19 percent to 5.6 billion euros (nearly 135 billion kronor), but missed estimates. The company slightly lowered its full-year sales target due to the difficult economic environment.
9 million vehicles for customers
Volkswagen now expects to deliver between nine and 9.5 million vehicles to customers this year. Earlier, the company had forecast sales of around 9.5 million units after 8.3 million units sold in the previous year. Volkswagen’s original sales target has been questioned by industry pundits before anyway.
In the first half of the year, the Volkswagen Group delivered 4.4 million vehicles worldwide, an increase of nearly 13 percent. The growth was mainly driven by the Chinese market, where sales increased by 21 percent.
Meeting financial targets
VW also expects to meet its financial target, unlike sales. Full-year sales are expected to increase by ten to 15 percent and thus reach between €307 billion and €321 billion. The forecast for the operating profit margin adjusted for special items also remains unchanged at 7.5 to 8.5 percent, not least because the savings and earnings program at the mass brands should take effect in the second half of the year.
Source Czech Press Office
