Volkswagen Raises Profits As The Industry Worries About Its Future

Volkswagen shares rose slightly as the European 600 automotive industry index slid nearly 1%, after Europe’s biggest carmaker as measured by sales reported strong 2The positive financial report belied much negative sentiment surrounding the industry, as it faces weakening sales around the world, tariff controversies, and the increasingly prohibitive cost of new technology like electric cars, and computer driven ones.quarter net profit rose to 3.9 billion euros from 3.

VW’s financial performance compares with premium carmakers like Daimler’s Mercedes which reported a loss for the quarter last week, and BMW, where profit margins are under pressure. VW sells mass market cars under its own brand, as well as Skoda and SEAT. Its premium brands include Audi, Porsche, Bentley and Lamborghini

Citi Research said VW is its preferred German auto stock, as it benefits from an improving SUV portfolio, and an ongoing cost cutting program. Citi Research also reckons VW’s costly electrification plan will be a long-term winner. VW’s improved profits came despite slightly lower vehicles sales in the first half of 2019, which fell 2.8% to 5.4 million.“The Volkswagen Group could set new records for 2019 as a whole in sales and operating results,” Nord LB said in a report.

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