Large losses at Seat and Bentley blamed for sharp fall
29 October 2009

Volkswagen's operating profits for the first nine months of the year have fallen to 1.5 billion euros (£1.3bn) - down from 4.9bn (£4.4bn) euros in the same period last year.

The drop has been blamed on significant losses at Seat and Bentley.

Audi's nine-month operating profit fell to 1.2bn euros (£1bn) from 2.1bn (£1.9bn) after a 12 per cent drop in unit sales.

Skoda's operating profit was cut to 162m euros (£145m) from 455m (£407m) after a 19 per cent fall in sales.

Losses at Seat widened to 228 million euros (£204m) from 30 million (£27m) after sales fell 19 per cent.

Bentley swung to a 148 million euro (£132m) loss from an 83 million (£74m) profit the year before due to a big slump in sales.

"The trend in the automotive industry means that there is no reason for premature optimism. The business climate remains tough," CEO Martin Winterkorn said in a statement.

Despite this, a VW statement reaffirmed its belief that it could gain market share during the tough economic conditions.

VW, Europe's biggest car maker, is still expected to fare better than the world's largest car maker, Toyota.

Toyota is expected to post a first-half operating loss of about 250 billion yen (£1.7bn), according to reports in Japan.

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Comments
7

29 October 2009

In real terms they have weathered the economic storm quite well. Interestingly though, no figures for Lamborghini shown.

 

 

It's all about the twisties........

29 October 2009

Overall it doesn't look like a too bad showing by most of the VW group, much healthier than some manufacturers. It is about time VW stopped treating Skoda and Seat like poor cousins and gave them access to newer engines faster - if the VW branding (skoda - comfortable value, Seat - sporty, VW - safe, quality) is so good then they wouldn't cannabilise their own sales. By bringing the CR diesels to Seat and Skoda at the same time as VW, same with the TSI engines I reckon VW would be in better health (not that they're doing badly!)

29 October 2009

So Audi generated 80% of the profits of the company? Shows where the real money comes from... This also reinforces the weakness of Seat, which has lacked a proper USP within VAG for the last decade. If it is also making some of the biggest losses, VW might just as well not bother with Seat any more (after all, most Seat customers would just buy Skodas or VWs instead).

29 October 2009

[quote Casanova]So Audi generated 80% of the profits of the company? Shows where the real money comes from... [/quote]

shows audi customers are paying too much for their cars!

this fella on ebay clearly undervalues his product

http://cgi.ebay.co.uk/Audi-Rings-Rear-Car-Badge-Emblem-Brand-New_W0QQitemZ360200911211QQcmdZViewItemQQptZUK_CarsParts_Vehicles_CarParts_SM?hash=item53dda5b96b

29 October 2009

Haha! he has 'more than 10 available" perhaps if VW bought them - stuck them on the VW's and bumped the prices up they could make more money.

29 October 2009

Gutted.

  • If you want to know about a car, read a forum dedicated to it; that's a real 'long term test' . No manufacturer's warranty, no fleet managers servicing deals, no journalist's name to oil the wheels...

30 October 2009

Couldn't agree more,I like the new Ibiza and am considering one for the wife.The best seller is the 1.4 petrol,which has an engine from a Polo from about twenty years ago.Found it well built,but dull to drive.Tried the 1.4 diesel,much gruntier but too noisy.At least VW is providing them with some decent engines like the common rail 1.6 and the twin charged unit. If they bring out a turbo 1.4 TFSI or whatever it's called, I would buy one tommorow.

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