Whereas the rest of the European carmakers such as PSA Peugeot and Citroen and the Fiat Group are facing troubled times, the German auto industry is enjoying one of its most prosperous eras ever.
On Thursday, Europe’s largest automaker, the Volkswagen Group, announced that it has earned more in the first nine months of 2011 than in the whole of 2010.
The company’s operating profit surged to €9.0 billion (US$12.5 billion) from January through September, up from €7.1 billion in fiscal 2010 and €4.8 billion in the same period last year, which represents a staggering 86 percent increase.
Profit before tax was up €11.2 billion to €16.6 billion, while the group’s sales revenue in the first nine months of 2011 was up by 25.6 percent year-on-year at €116.3 billion.
In the same time-frame, the German automaker recorded a 14.1 percent increase in vehicle deliveries to 6.2 million (January – September 2010: 5.4 million).
“Our strong business performance shows the strength and stability of our strategy”, said Chief Executive Officer, Martin Winterkorn. “We shall continue to launch fascinating new models onto the market in the coming months and hence expand the Volkswagen Group’s strong position in the global markets”, he added.
Winterkorn also noted that the German company is “on the right path to becoming the world’s leading automaker by 2018 – in both economic and ecological terms.”
The VW passenger car brand sold 16.7 percent more vehicles worldwide from January through September reaching 3.3 million deliveries. As a result, the brands operating profit improved by €1.7 billion to €3.3 billion.
The Audi unit’s sales rose by 17.8 percent to 1.1 million vehicles (1.0 million), while operating profit surged by 74.4 percent to €4.0 billion (€2.3 billion).
The group’s Škoda division recorded a 19.9 percent increase in sales to 511,000 vehicles (426,000). Operating profit improved by €261 million to €575 million.
Seat recorded a 2.7 percent increases in sales in the reporting period to 267,000 vehicles (260,000), but it lost €101 million, which is less than the prior-year figure of €218 million.
Bentley managed to deliver 5,000 vehicles in the first three quarters (3,000), which represents an increase of 51.2 percent. The company’s operating loss was €6 million, which is significantly less than the previous year (€145 million).
Volkswagen Commercial Vehicles increased its sales by 32.4 percent to 328,000 units (248,000) and more than doubled its operating profit to €328 million (€142 million).
Swedish truck manufacturer Scania saw it sales rise by 35.4 percent to 59,000 vehicles (44,000), while operating profit was up at €1.1 billion (€0.9 billion).
Finally, Volkswagen Financial Services generated an operating profit of €876 million (€684 million) in the first nine months of the year, an increase of 27.9 percent.
