The Volkswagen group earned in the first nine months of the current fiscal year, despite the introduction of new exhaust emission tests, as well as a fine in the diesel affair more than in the same period in the prior year. The net profit increased by 24 percent to nearly 9.4 billion euros, the group said. The sales increased by 2.7 percent 174.6 billion Euro.
The new Standards for exhaust gas tests, and an 800-million-fine in the diesel affair for the daughter of Audi have been charged to the group in just the past third quarter. Volkswagen couldn’t keep up with the re-certification of its vehicles after the so-called WLTP-method. As a result, the special items, adjusted earnings before interest and taxes decreased, despite a slightly higher revenue by 18.6 percent to 3.51 billion euros.
analysts had expected on average, however, with even worse Figures for the third quarter. In contrast to the earnings before interest and taxes, net profit increased significantly from 1,07 to just under 2.8 billion euros. In the fall of 2017 VW had still sustained as a result of higher Diesel provisions as a planned to a drop in profits.
The stock market reacted positively to the new Figures. VW’s share price rose in Frankfurt in early trade to three per cent.
Joint Venture for self-driving E-cars
Volkswagen also confirmed its targets for the full year: revenues are expected to rise are up to five percent over the previous year, the rate of return – the ratio of earnings before special items, on revenue of 6.5 to 7.5 percent.
The exhaust gas scandal, Volkswagen has tasted, in the meantime, a total of 28.2 billion euros. Compared to the autumn of 2017 Volkswagen currently has less free money available to realise such investments. However, chief financial officer Frank Witter, said the group had “the necessary financial strength to Finance the significant future investments that we plan for the coming years, from one’s own strength”.
One of the new projects is a driving service with self-driving electric cars, the Volkswagen with two companies in Israel wants to develop. The wolf Burger with Mobileye of Jerusalem, as well as Champion Motors want to start from the greater Tel Aviv area is a Joint Venture. 2022 the Service will be in operation, the project needs according to the Parties, but subject to the approval of the competent authorities.