Volkswagen AG, Europe’s largest
automaker, said first-quarter operating profit rose 22 per cent, helped by
record sales at the luxury Porsche and Audi brands.
Earnings before interest and taxes
increased to €2.86bn from €2.34bn a year earlier, the Wolfsburg, Germany-based
manufacturer said in a statement today.
Bloomberg News reported on
Tuesday, that profit beat the €2.74bn average of nine analyst estimates. Revenue
gained 2.7 per cent to €47.8bn.
VW said last month that its annual
sales may exceed 10 million vehicles for the first time in 2014, four years
earlier than planned.
That includes deliveries by MAN SE
and Scania AB, the truck divisions in which VW is seeking full ownership. Those
takeovers, and plans to introduce 100 new or revamped cars through next year,
are part of a strategy to overtake Toyota Motor Corporation as the global
leader in auto sales by 2018.
“From a strategic point of view, the
product and brand position of Volkswagen AG is the envy of the industry,” said
Roman Mathyssek, a Munich-based analyst at consulting company Strategy
Engineers GmbH.”
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