Tuesday September 21, 2021

Volkswagen Group posts record H1 results

Published : 29 Jul 2021, 23:26

  DF News Desk

Vehicles are seen at a car dealership of Volkswagen in Berlin, capital of Germany, May 7, 2020. File Photo: Xinhua.

Volkswagen Group's sales revenues in the first six months of the year (H1) rose by 34.9 percent year-on-year to 129.7 billion euros, the carmaker announced on Thursday, reported Xinhua.

After losses of 1.02 billion euros in H1 2020, net profit in the same period this year soared to 8.45 billion euros. Operating results reached a record level of 11.4 billion euros "despite continued challenging conditions," according to Volkswagen.

"We're keeping up our high pace, both operationally and strategically," said Herbert Diess, CEO of the Volkswagen Group, adding that the "record result in the first half of the year is clear proof of how strong our brands are and how attractive their products are."

Deliveries increased by 27.9 percent compared to the weaker prior-year period, which was impacted by the pandemic, and reached five million vehicles in H1. "The absolute rise in demand for passenger cars was attributable in particular to the favorable trend in China," Volkswagen noted.

Vehicle sales to Volkswagen's biggest single market China increased by 15.2 percent year-on-year and reached 1.8 million units in the first half of the fiscal year 2021.

The carmaker's premium segment "performed especially well with double-digit returns," added Diess. The brands Audi and Porsche both achieved record delivery figures, with 981,681 and 153,565 vehicles respectively, according to the Volkswagen Group.

Although the company had "successfully contained the impacts of the semiconductor bottlenecks to date," more pronounced effects are expected in the third quarter, said Arno Antlitz, CFO of the Volkswagen Group.