FRANKFURT, Germany- Volkswagen warns of slowing global auto markets
File photo shows Volkswagen cars inside a delivery tower of the company in Wolfsburg, Germany. Volkswagen says its profits jumped 44 per cent in the third quarter thanks to a more profitable mix of vehicles but warned that global markets are slowing more than expected and lowered its forecast for annual sales. PHOTO: AP
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FRANKFURT, Germany (AP) — Volkswagen said its profits jumped 44 per cent in the third quarter thanks to a more profitable mix of vehicles but warned that global markets are slowing more than expected and lowered its forecast for annual sales
After-tax profit rose to EUR3.98 billion as revenue rose 11 per cent to 61.42 billion. The sales margin of 7.8 per cent exceeded the goal of 6.5-7.5 per cent.
Yet the Wolfsburg-based automaker said it expects “that vehicle markets will contract faster than previously anticipated in many regions of the world”. It said sales would be “on a level” with last year’s record 10.8 million vehicles.
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Previously it had expected a slight increase.
The company said its profits would be in the lower end of its forecast range.
Global automakers are facing a slowdown in sales amid disputes over trade and from pressure in the European Union and China to develop and sell new low-emission vehicles that require heavy investment in new technology.
Ford and Renault have issued profit warnings in recent days, while Daimler, maker of Mercedes-Benz luxury cars, lost money in the second quarter and is expected to outline a cost-cutting strategy for investors on November 14.
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Volkswagen is leading the push into electric vehicles in Europe by launching its ID.3 battery-powered compact car at prices it says will make zero local emission vehicles a mass phenomenon.
The company was able to increase earnings in the quarter despite an 18 per cent rise in spending on research and development.
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