Volkswagen Profits Exceed Expectations in 2016

Volkswagen Group sales exceeded expectations last year as revenue rose by 4 billion euros to more than 217 billion euros ($230 billion).

“While the past fiscal year posed major challenges for us, despite the crisis the Group’s operating business gave its best-ever performance,” CEO Matthias Müller said today in Wolfsburg. “As the figures show, Volkswagen is very solidly positioned in both operational and financial terms.”

As a result of the Group’s strong 2016 performance, operating profit rose 14% to 14.6 billion euros ($15.4 billion). With that, though VW spent another 6.4 billion euros on the dieselgate scandal, pushing the total spent to 22.6 billion euros.

The news bodes well for the Volkswagen Brand’s CEO, Herbert Diess who has been clashing with labor leaders of late. As the head of the largest brand in the Group, his austere plan appears to be working.

Along with the strong performance, Volkswagen dividends are up 90% from what they were when the emissions scandal broke.

“We can be satisfied on the whole with the Group’s business development and economic position,” said Frank Witter, CFO. “I am confident that the Volkswagen Group will overcome the present challenges. We must use great discipline to achieve the set targets in all divisions, in order to return to the path of success in the coming years.”

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