Although deliveries and market share are on the rise for the first quarter of 2013, Volkswagen Group posted a profit before tax of €2.7 billion ($3.53 billion), down from €4.2 billion ($5.5 billion) in the same period last year. Profit after tax was €1.9 billion ($2.48 billion), also down from €3.1 billion ($4.05 billion).
“The current environment is definitely a tough challenge for the entire industry,” said VW Group CEO Martin Winterkorn in a statement. Including China, VW Group deliveries increased by 4.8 percent to 2.3 million vehicles worldwide, while the company’s share of the global passenger car market rose year-on-year to 12.6 percent (12.2 percent in Q1 2012).
Volkswagen Group sales rose 5.1 percent in the first quarter to 2.4 million vehicles. 1.1 million cars were from the VW Passenger Cars brand, down 2.4 percent compared to Q1 2012. The brand’s operating profit was €590 million ($772 million) (down from €1.1 billion) and was affected by “lower volumes and negative mix effects.”
Audi posted sales of 330,000 units, down 2.9 percent, with the premium manufacturer generating an operating profit of €1.3 billion ($1.7 billion), down from €1.4 billion ($1.85 billion).
Skoda’s sales also declined by 13.3 percent to 179,000 vehicles, with its operating profit also down to €112 million ($146 million) from €209 million ($272 million) due to lower volumes, negative mix effects and higher launch costs for new models.
Seat on the other hand sold 111,000 vehicles worldwide, 11.4 percent more than in the previous year, but its operating loss increased from €29 million ($38 million) to €46 million ($60 million).
Porsche sold 36,000 vehicles and generated an operating profit of €573 million ($746 million), while Bentley delivered 2,000 vehicles (down from 2,400) and increased its operating profit to €27 million ($35 million) from €15 million ($19.6 million).
Volkswagen Commercial Vehicles delivered 102,000 vehicles, down from 119,000, with its operating profit less than half of what it was in Q1 2012 (€60 million down from €124 million). Scania sold 17,000 trucks and buses (up from 16,000), securing an operating profit of €227 million ($297 million), while MAN sold 30,000 trucks and buses (the same as in Q1 2012), reporting an operating loss of €102 million ($133 million).
By Dan Mihalascu
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