Volkswagen reports first half operating profit of $ 13 billion

FRANKFURT, July 9 (Reuters) – Volkswagen’s first-half operating profit (VOWG_p.DE) is expected to be around 11 billion euros ($ 13 billion), he said on Friday, exceeding even pre-pandemic levels thanks to strong demand in Europe and the United States.

This good result is mainly due to demand for premium brands Porsche and Audi as well as for the financial services arm of the group, Volkswagen said. The Chinese market was slightly weaker over the period, he said, without specifying it.

In the same period last year, Volkswagen recorded an operating loss of 1.49 billion euros, weighed down by the impact of the coronavirus crisis. In 2019, this result was around 9 billion.

Along with its competitors, Volkswagen has also been hit by a global shortage of essential semiconductors, and Europe’s largest automaker has said it now expects the main impact of the bottleneck to occur in the second. semester.

According to preliminary figures, net auto cash flow is expected to reach around 10 billion euros in the first six months, up from 5.57 billion in 2019 and against 4.8 billion last year.

Volkswagen is expected to release its second quarter results on July 29.

($ 1 = 0.8430 euros)

Reporting by Christoph Steitz, editing by Thomas Escritt and Kirsti Knolle

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