Volkswagen may be poised to take over as the world’s largest automaker by year’s end, but the German automaker reported a massive profit decrease late on Wednesday. VW said its first quarter profits dropped 74 percent, with collapsing global auto sales to blame.
VW’s first quarter profits totaled just 243 million euros ($314 million), well off the pace of last year’s 929 million euros, according to the New York Times. First quarter results would have been even worse had it not been for the sale of a $600 million commercial vehicle business sale in Brazil.
VW’s overall revenue also fell 11 percent, totaling 24 billion euros, despite sales growth in Germany, Brazil, Russia, China and Poland.
On the plus side, the VW group saw a sharp uptick in global market share, climbing from 9.7 percent to 11 percent.
Although a 74 percent drop in profit is never a good thing, it’s still far better than some other automakers are doing. Automakers like General Motors and Toyota are losing billions in the current economic climate, so a profit of $314 million looks fairly healthy at the moment.
04/23, 1:51 PM
posted by:
A4
What ohs 1115, still better than your precious toyota!
04/23, 2:22 PM
posted by:
HoosierHero
Aaaaaaaaaaand nobody’s surprised. Like I said, I would almost rather NOT have that title. It just means you are bloated and ready to fall. 74% is a huge number! Quick- get the Panamera out to the masses who are just dying to buy it!
04/23, 2:51 PM
posted by:
Borat
VW is not market leader yet. I believe it is their plans to become one by 2018. Fuhrer had global plans that ill materialized as well. I have to admit, VW has more basis for their assumptions.
04/23, 2:55 PM
posted by:
CADDY-V
VW whatever you do just pass toy-yo-DAA.
04/23, 3:09 PM
posted by:
Dangerous1
Is anyone going to survive this downturn? If all the car companies shut down or whittle themselves down to almost nothing where will the cars come from when the world economies rebound? I hope not China.
04/23, 3:23 PM
posted by:
Need more oil for GM
No surprise here. Cheap piece of crap cars with miserable reliability and quality don;t sell, which is why everyone buys General Motors vehicles.
Simple: They just don’t ever break. GM vehicles are the only vehicles out there that are built to last. No German POS comes close.
GM. An American Revolution
04/23, 3:47 PM
posted by:
ricky_b
Oil Boy… it’s a PROFIT! When’s the last time GM posted one of those.
04/23, 5:35 PM
posted by:
idrinorbarsaku
yet again, you can count on nmofgm to show his lack of brain power….or just lack a brain period!!!
04/23, 5:37 PM
posted by:
atoms
a gain is a gain, no matter how small.
04/23, 5:40 PM
posted by:
atoms
….and it always helps to read the column promptly after reading the title…. or after misreading the title
04/23, 5:41 PM
posted by:
Dr. Lincoln
Need more oil for GM are you as dumb as your handle? All us domestic boys feel the same, get off your pogo stick and get real.. need some help? Just ask Dr. Lincoln he’ll perscribe what’s good for you.
04/23, 6:22 PM
posted by:
scratchy
@ idrinorbarsaku , didn’t you see ? it turned out you don’t need a brain !
04/23, 11:23 PM
posted by:
A4
…i dont know why anyone thinks NMOFGM is actually serious, hes at home laughing at you for being so halfwitted.
04/24, 12:05 AM
posted by:
johnnycanuck
A4, we know better. Need more KY for GM is a plant. Ever notice how ‘it’ only shows up when the “peanut gallery” (your words not mine Mr. Ganz) hasn’t exactly been racking up the comment counter for a few days?
04/24, 10:55 AM
posted by:
Zu Schnell
Need More oil for GM is soooooooooooo jealous!
I challenge ANYONE to find an American equivalent to my 2002 Audi A8L based on:
Power per liter of engine displacement (320hp for 4.2l)
It’s reliability, as I have had zero abnormal issues
Timeless design (although it’s based on opinion, american car until recently were quite attrocious)
Level of luxury
And, most importantly, gas mileage; I get a consistent 28mpg on the highway without turning off cylinders, which is a lame attempt to solve the issue even though it works. It’s nice to have all that power on tap on the highway!
Also, I still have a 97 GTi that I beat the hell out of that has given me zero reasons to complain!
The only reason american cars are improving is that they have purchased some european brands and pilfered the R&D toolbox and technology.
NMOFGM, please check the wide world of facts before you open your ill informed mouth. You render your opinions as worthless when you do so!
04/24, 12:27 PM
posted by:
shaver
Zu>I challenge you to find a more pompous comment on here from anyone, or even one that is equally pompous. No one cares how much you like your dads bosses A8L.
04/24, 4:37 PM
posted by:
Zu Schnell
Oh, that guy had it coming, you have to admit that. It’s as if he gets paid by GM to leave comments that are barely thought through. I mean, think about it, if he loves GM soooo much, then why would he read any article regarding any other marque? If you are offended, that is only because you choose to be offended. I made it sound that way quite on purpose, glad to see that you appreciated it. To be fair, I probably can’t find a more pompous comment, I aimed high… real high! Thanks
Now, I don’t think I am special on any level because I stayed in school to get a degree and worked hard and saved money to buy something that I can appreciate on a personal level. So, it’s my car, that’s it.
If it makes you feel better about yourself to say that it is my dads bosses car, which did crack me up BTW, then go right for it, I am happy to accommodate!
Smile, it’s supposed to be funny!
Cheers!
04/25, 6:21 AM
posted by:
brocky
People may be waiting for the new models to come out.