Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

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%
Latest news "Economy & Forex"
04:06aMalaysia's top glove says will renew hkex listing application with its latest financial performance
RE
04:05aFACTBOX : Key economic policy stances of Japan's next PM candidates
RE
04:05aMitsubishi UFJ considering sale of MUFG Union Bank -Bloomberg
RE
04:05aIMF chief called out over pressure to favor China while at World Bank
RE
04:04aChina, growth jitters weigh on global stocks, dollar buoyant
RE
04:03aChina says trade pact application unrelated to new US, UK and Australia alliance
RE
04:03aChina, growth jitters weigh on global stocks, dollar buoyant
RE
03:56aFord wakes up badly burnt from its India dream
RE
03:52aPhilippine cbank tempers outlook, cuts 2021 c/a surplus forecast
RE
03:50aJAPAN'S KISHIDA : need to watch if China can meet Pacific trade pact requirements
RE
Latest news "Economy & Forex"