Volkswagen posted file first-half earnings on Thursday whereas additionally elevating its goal for revenue margin.
The outcomes are a marked enchancment from the identical interval final year when demand was ravaged on the peak of the Covid-19 pandemic.
The German automaker noticed first-half working revenue earlier than particular gadgets hit 11.4 billion euros ($13.5 billion), exceeding pre-pandemic ranges on the again of elevated demand for premium automobiles in Europe and the Americas, whereas electrical automobile deliveries nearly tripled.
As a consequence, Volkswagen upped its revenue margin goal for the second time in three months. The company now expects an working return on gross sales of between 6% and seven.5%, having beforehand projected 5.5% to 7%.
“The record result in the first half of the year is clear proof of how strong our brands are and how attractive their products are,” CEO Herbert Diess mentioned in a press release.
“The premium segment performed especially well with double-digit returns, as did Financial Services. Our electric offensive is picking up momentum.”
The group lowered its forecast for deliveries, nonetheless, amid “challenging market conditions.”
“Challenges will arise particularly from the economic situation, the increasing intensity of competition, volatile commodity and foreign exchange markets, securing supply chains and more stringent emissions-related requirements,” it mentioned within the earnings report. Like…
