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VW profits more than triple on strong demand | VW profits more than triple on strong demand |
(about 4 hours later) | |
Volkswagen (VW) has said its net profit more than tripled in the third quarter as demand surged for its vehicles. | Volkswagen (VW) has said its net profit more than tripled in the third quarter as demand surged for its vehicles. |
Nine months into the year, VW has already exceeded its annual profit for the whole of 2010. | Nine months into the year, VW has already exceeded its annual profit for the whole of 2010. |
Net profits jumped to 7.2bn euros ($10.1bn; £6.3bn), from 2.2bn euros in the same period last year. | Net profits jumped to 7.2bn euros ($10.1bn; £6.3bn), from 2.2bn euros in the same period last year. |
But German rival Daimler said its net profit fell 16% in the third quarter to 1.36bn euros as the troubled European economy hurt Mercedes-Benz. | But German rival Daimler said its net profit fell 16% in the third quarter to 1.36bn euros as the troubled European economy hurt Mercedes-Benz. |
Pre-tax profits at Mercedes-Benz fell 15% percent to 1.1bn euros. | Pre-tax profits at Mercedes-Benz fell 15% percent to 1.1bn euros. |
Daimler said in Western Europe, "there is little sign of any significant growth impetus". | Daimler said in Western Europe, "there is little sign of any significant growth impetus". |
'Strained debt situation' | 'Strained debt situation' |
VW said its global share of the car market climbed to 12.4%. It's shares rose 6.5% in early trading in Frankfurt. | VW said its global share of the car market climbed to 12.4%. It's shares rose 6.5% in early trading in Frankfurt. |
With economic prospects in Europe looking subdued, the carmaker expects most of its demand to come from Central and Eastern Europe, as well as China and India. | With economic prospects in Europe looking subdued, the carmaker expects most of its demand to come from Central and Eastern Europe, as well as China and India. |
"The strained debt situation in certain eurozone countries and the end of subsidy programmes will have a negative impact on demand for new vehicles in many Western European markets in the fourth quarter," VW warned. | "The strained debt situation in certain eurozone countries and the end of subsidy programmes will have a negative impact on demand for new vehicles in many Western European markets in the fourth quarter," VW warned. |
Vehicle deliveries across VW jumped 14% to 6.2 million in the first nine months of the year. | Vehicle deliveries across VW jumped 14% to 6.2 million in the first nine months of the year. |
The company sold 3.3 million Volkswagen-branded cars and 1.1 million Audi vehicles. | The company sold 3.3 million Volkswagen-branded cars and 1.1 million Audi vehicles. |
British luxury carmaker Bentley sold 5,000 cars, with its previous loss of 145m euros shrinking to 6m euros. | British luxury carmaker Bentley sold 5,000 cars, with its previous loss of 145m euros shrinking to 6m euros. |
Later in the day, Chrysler reported a $212m (£132m) profit for the third quarter of the year. | |
The US carmaker had its second profitable quarter this year, having gone through bankruptcy proceedings in 2009. | |
In the third quarter last year, Chrysler made a loss of $84m. |
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