VW: Record profits scored in the first half
With profits record for VW ended the first half of 2021 and this performance surpasses pre-pandemic levels due to increased demand for premium cars in Europe and America, while deliveries of electric vehicles almost tripled.
According to data released by Volkswagen, second-quarter deliveries amounted to 2.55 million vehicles, compared with 1.89 million in the first half of last year, while the group’s quarterly sales revenue rose to 67.29 billion euros from 41.08 billion euros in the corresponding period last year.
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Revenues amounted to 129.669 billion euros, an increase of 34.9% over last year, with the group’s operating profits exceeding 11.35 billion euros with the group’s profit margin increasing from -1.5% to 8.8%.
Pre-tax profits increased to 11.153 billion euros (–1.352 billion euros in the first half of 2020), while after-tax profits amounted to 8.454 billion euros (–1.019 billion euros in the 10 months of 2020). The company’s net liquidity increased by 87.8% from 18.663 billion euros to 35.048 billion euros.
Volkswagen now expects operating profit margins to be 6%-7.5%, compared with 5.5%-7%, based on its previous estimate.