Sports car maker Porsche sold 78,000 vehicles, posting a profit of €1.3 billion in the first half of the year, almost equaling the profit of the VW brand!
The Volkswagen Group was bit by the Eurozone crisis as Q2 profits sank 11% to €2.85 billion or ~$3.78 billion. Europe’s largest automaker by far, headquartered in Germany, Europe’s largest economy by far, has revised full-year estimates down to simply equal the €11.5 billion it reported for 2012. Even that might be a stretch given the European auto market, which is headed for its sixth straight year of declines and running at sales levels last seen two decades ago. (Western European Car Sales Down Again in June)
During the first half of 2013, VW Group operating profit of €5.8 billion dropped from €6.5 billion during 2012 in what is the ongoing Eurozone disaster prompted by austerity policies that have led to depression levels of unemployment across southern Europe. Including China, deliveries increased by 5.4% to 4.8 million vehicles worldwide. The Group’s share of the passenger car market rose year-on-year to 12.7% from 12.4%.
The Volkswagen Passenger Cars brand sold 2.4 million cars in the first six months, 1.7% fewer than in the first half of 2012 at 2.4 million. The brand’s operating profit was €1.5 billion (€2.3 billion), and was hurt by a deterioration in volumes and mix, as well as capital expenses for new technologies.
Sales by the Audi brand rose by 2.1% year-on-year to 692,000 vehicles (678,000); the FAW-Volkswagen Chinese joint venture sold another 197,000 Audi vehicles. Audi reported an operating profit of €2.6 billion (€2.9 billion), because of higher upfront expenditures for new products, technologies and the expansion of global production structures.
ŠKODA’s sales declined by 11.1% to 362,000 vehicles (408,000). Negative volume, model mix and exchange rate effects as well as launch costs for new products saw its operating profit decline as against the first half of 2012 to €243 million (€449 million).
SEAT sold 244,000 vehicles (218,000) worldwide, 12.1% more than in the previous year. Demand increased for the new Leon and the new Toledo. The operating loss improved slightly to -€40 million (-€42 million).
Bentley delivered 4,200 vehicles (4,800). Its operating profit was on a level with the previous year at €58 million (€57 million).
Sports car manufacturer Porsche sold 78,000 vehicles, posting a profit of €1.3 billion in the first half of the year.
Volkswagen Commercial Vehicles delivered 220,000 vehicles (228,000) and recorded an operating profit of €246 million (€242 million).
Scania increased sales to 38,000 trucks and buses (32,000). Increased pressure on margins saw its operating profit decline though to €464 million (€477 million).
MAN sold 65,000 trucks and buses (68,000) and reported an operating loss of -€124 million (previous year: operating profit of €355 million). Lower volumes, the declining after-sales business and the recognition of project-specific contingency reserves in the Power Engineering area were negative factors.
Volkswagen Financial Services generated an operating profit of €696 million (€663 million).
