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VW Profits up by 300%
October 31, 2011
VW, Europe’s biggest car maker, saw their profits for the first three quarters of 2011 increase by nearly 300% to €13.64bn. WV, aiming to become the world’s biggest carmaker by 2013, saw turnover increase by 25.6% to €116.2bn. VW concerned that the Eurozone debt crisis has hit demand in western Europe said their sales in eastern Europe, China, India and the Americas have boomed.
The news for VW’s rival Daimler is similar with their 9mths profit up by 20% to €4.2bn. Daimler’s luxury brand Mercedes Benz saw record sales figures again with increasing demand from Asia and the Americas.
The markets reacted well with VW and Daimler’s shares climbing by 8.1% and 2.9% on hearing the news.