Welcome to the North American Subaru Impreza Owners Club Wednesday December 13, 2017
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
Go Back   NASIOC > NASIOC General > News & Rumors > Non-Subaru News & Rumors

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads. 
Thread Tools Display Modes
Old 04-22-2009, 02:25 PM   #1
Scooby Guru
Member#: 73805
Join Date: Nov 2004
Location: NEPA
forward in Italian

Default Volkswagen Quarterly Profit Plummets

Volkswagen, the largest European automaker, said Wednesday that its net profit dropped 74 percent in the first three months, even as it gained market share in the worst environment for car sales in decades.

In an unexpected announcement a day before its annual shareholders meeting in Hamburg, the company said in a statement that profit fell to 243 million euros, or $314 million, from 929 million euros a year earlier.
Its earnings were supported by a gain of 600 million euros booked on the sale of its commercial vehicles business in Brazil.

Revenue slid 11 percent to 24 billion euros, despite tax incentives in Germany and other European countries to encourage drivers to trade up to more environmentally sound models, as the global automobile market shrank by nearly 21 percent from a year earlier. VW sales rose in Brazil, China, Germany Poland and Russia.

The automobile group, which includes the Audi, SEAT and Skoda brands as well as Volkswagen’s own brand, said last week that it had raised its global market share to 11 percent from 9.7 percent in the quarter a year ago. Its Volkswagen brand increased its share of the global market to 7.4 percent from 6.3 percent.

On Wednesday, the company said it expected that it was well-positioned to gain on rivals during the financial crisis, with nine brands and young model range.

It plans to introduce more new and low-consumption models this year.

Volkswagen, based in Wolfsburg, Germany, has cut output and working hours to keep production in line with demand. The company warned that “the high volatility of the market does not permit any reliable forecasts to be made” for the rest of the year, but that it expected its earnings to decline.

Its shares have lost about 12 percent of their value this year. They fell about 1.6 percent in Frankfurt afternoon trading Wednesday, giving Volkswagen a market value of about $98 billion.

The European Automobile Manufacturers Association said last week that passenger car registrations in Europe fell by 9 percent in March from a year earlier, the 11th consecutive month of decline.

In Paris on Wednesday, PSA Peugeot Citroën said sales in its automotive division fell 23 percent in the first quarter from the period a year ago.

Volkswagen said Wednesday that it had decided to produce its New Small Family models, which will carry the Volkswagen, Seat and Skoda brands, at its plant in Bratislava, Slovakia. The first vehicles are expected to roll off the production lines in early 2011, it said, and the decision ensures the security of about 1,500 jobs there.

It also said it would spend about 300 million euros to produce the new Audi Q3 S.U.V.’s at its SEAT plant in Martorell, Spain. Production is to start in 2011, with annual production capacity of up to 80,000 units
* Registered users of the site do not see these ads.
AVANTI R5 is offline   Reply With Quote
Sponsored Links
* Registered users of the site do not see these ads.
Old 04-23-2009, 08:28 AM   #2
Scooby Specialist
Member#: 17346
Join Date: Apr 2002
Chapter/Region: South East
Location: All Over NC
08 Cayman S


but at least they still made a profit
gotsol is offline   Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ford reports surprise $1 billion 3rd quarter profit Tim-H Non-Subaru News & Rumors 45 11-03-2009 08:20 PM
Ford posts second-quarter profit of $2.3 billion AVANTI R5 Non-Subaru News & Rumors 17 07-27-2009 04:01 PM
Honda suffers through 90% drop in 3rd quarter profits Tea cups Non-Subaru News & Rumors 0 02-06-2009 09:40 AM
Subaru 2nd quarter profits rise rsholland News & Rumors 4 11-13-2004 12:27 AM
FHI Ekes Out Small 1st Quarter Profit Jon [in CT] News & Rumors 0 08-06-2004 01:35 PM

All times are GMT -4. The time now is 03:19 PM.

Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2017 Axivo Inc.
Copyright ©1999 - 2017, North American Subaru Impreza Owners Club, Inc.