Volkswagen has announced very impressive first quarter profits of €1.7 billion ($2.4 billion CAD based on current exchange rates). That's more than three times the profit the Volkswagen Group earned in the first quarter of 2010, as revenue climbed 31 per cent to €37.5 billion ($52 billion CAD). Profit from ongoing operations came in at an even more impressive €2.91 billion ($4.06 billion CAD). In total, VW managed to move a record two million vehicles in the quarter, up 14 per cent versus Q1 2010.
A big reason for VW's stellar sales is the automaker's continued success inChina
A 14 per cent increase in global Audi sales also helped the bottom line, bringing in €1.1 billion ($1.5 billion CAD). The Volkswagen Group reports Audi sales of 374,000 vehicles for the quarter. Interestingly, Audi brought in the same amount of money as the larger Volkswagen brand, which also brought in €1.1 billion.
VW has been spending big to expand and improve its lineup, but the German automaker's profits have helped keep the cash coffers stocked. The automaker currently has €19.6 billion in liquid cash ($27 billion CAD), up €1 billion from the end of 2010. Hit the jump to read over the VW press release.
[Source: Volkswagen]
A big reason for VW's stellar sales is the automaker's continued success in
A 14 per cent increase in global Audi sales also helped the bottom line, bringing in €1.1 billion ($1.5 billion CAD). The Volkswagen Group reports Audi sales of 374,000 vehicles for the quarter. Interestingly, Audi brought in the same amount of money as the larger Volkswagen brand, which also brought in €1.1 billion.
VW has been spending big to expand and improve its lineup, but the German automaker's profits have helped keep the cash coffers stocked. The automaker currently has €19.6 billion in liquid cash ($27 billion CAD), up €1 billion from the end of 2010. Hit the jump to read over the VW press release.
[Source: Volkswagen]
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