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VW lifts margin outlook again after record profit

07/29/2021 | 04:57am EDT

Europe's largest carmaker Volkswagen has raised its profit margin target for the second time in less than three months.

It pointed to record earnings in the first half of 2021 that even blew past pre-global health crisis levels.

First-half operating profit at VW reached $13.5 billion.

That topped a previous record of around $11.8 billion achieved in 2019.

The strong increase was in part driven by robust demand for the group's high-margin Porsche and Audi brands.

Volkswagen is aiming to overtake Tesla as the world's largest electric vehicle player by 2025.

Porsche, Volkswagen's largest shareholder, also raised it outlook following the carmaker's result.

The global car sector has been hit by a shortage of crucial semiconductors, with many halting production.

VW says that's been accounted for in its deliveries forecast.

The results were published only hours after VW and partners launched a bid for French-listed rental car firm Europcar.

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EUROPCAR MOBILITY GROUP 0.10% 0.5002 Real-time Quote.19.22%
PORSCHE AUTOMOBIL HOLDING SE 0.38% 85.04 Delayed Quote.50.78%
TESLA, INC. 0.15% 756.99 Delayed Quote.7.27%
VOLKSWAGEN AG 0.59% 193.66 Delayed Quote.26.94%
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