Skip to main content

Volkswagen “Back on Track” Says CEO

Volkswagen presented its financial results for the 2016 fiscal year today and thanks to record profits the Group is satisfied that its dieselgate recovery plan has so far been effective.

“The last year was a challenging yet remarkably successful year for us,” said Matthias Müller, VW Group CEO, at press conference in Wolfsburg. “In 2016 we set the course for the biggest transformation in the history of the company – while at the same time performing better in our operating business than many thought possible. Volkswagen is back on track.”

With more than 10 million vehicles delivered in 2016, the VW Group exceeded its own projections and set a sales record for the year. The resulting boom in sales revenue also set a record. With 217 billion euros in revenue, the Group again exceeded expectations.

The financial increases were due largely to brands such as Porsche, Audi, and Skoda (which actually outperformed Audi last year), and SEAT, which somewhat unusually turned a profit last year. Unfortunately, the VW brand is still struggling thanks to its being the focal point of the emissions  scandal and Brazil’s economic slump, among other things.

Revenue at the brand decreased 0.6% year-on-year to 105.7 billion euros and operating profit consequently declined as well. With a steady increase in the fourth quarter of 2016, though, the outlook for the brand is at  least positive.

Indeed, the outlook for the whole group is positive according to VW.

“Volkswagen will remain one of the most successful automakers worldwide in 2025,” said Müller. “The transformation of the core automotive business is on track, the new mobility services business unit is taking shape, our traditionally high innovative strength has been given yet another solid boost and financially, we have the realignment process well under control.”

As a result, sales revenue is expected to grow as much as 4% in 2017 and the company expects the  operating return on sales to be between 6% and 7%.

The post Volkswagen “Back on Track” Says CEO appeared first on VWVortex.



from VWVortex http://ift.tt/2mIT0KG
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Review: Saying Goodbye to the CC V6

For all its size and its global reach, Volkswagen is still, in many ways, a deeply human company. There was, for instance, the Bugatti Veyron an ego project if ever there was one. Then the purchase of Ducati, a move most called folly. And then there was the Phaeton, the Volkswagen that most folks can’t afford. Not only were these moves all strange, I’m sure that they made VW’s accountants furious. None of them made good business sense, but they were all deeply interesting and they all are evidence of the heart that beats at the center of VW. Among these follies is the CC, a car that everyone agrees is rakishly handsome, but that no one really wanted to buy. The car couldn’t last, but the world is brighter for its having been in it. With the approach debut of the Arteon, it seems like a good time to look back on its sadly departing predecessor. The version I drove, because I live in Canada, is a V6 Wolfsburg Edition, which apparently isn’t available in the States. Nor is the V6, not as...
Post a Comment
Read more

Waterfest Moves to Atco Dragway

Waterfest 24 will be held at Atco Dragway, in Atco, New Jersey. The summer event will take place at its new venue on July 21 and 22. Long held in Englishtown, New Jersey, the festival has been such a large part of the VW scene that the latest iteration of the Golf even comes with optional “Englishtown” wheels . The new venue, however, is an NHRA drag track a scant 52 miles southwest of Englishtown. The ¼ mile drag track opened in 1960, which makes it the oldest drag strip in New Jersey. The announcement came today on a social media post that announced the new location. Waterfest is North America’s largest VW/Audi show. As many 20,000 people show up for the annual show, making the second largest show in the world—with Worthersee being number one. 2018 will be Waterfest’s 24 th year in existence. The post Waterfest Moves to Atco Dragway appeared first on VWVortex . from VWVortex http://ift.tt/2GQjkuc via IFTTT
Post a Comment
Read more

Mitsubishi admits it lied about MPG ratings for all vehicles in Japan

Filed under: Government/Legal , Green , Mitsubishi , Fuel Efficiency , Japan Mitsubishi says its shady fuel-economy test practices may have been used on all vehicles it sells and has sold in Japan. Continue reading Mitsubishi admits it lied about MPG ratings for all vehicles in Japan Mitsubishi admits it lied about MPG ratings for all vehicles in Japan originally appeared on Autoblog on Wed, 11 May 2016 12:36:00 EDT. Please see our terms for use of feeds . Permalink  |  Email this  |  Comments from Autoblog Volkswagen http://ift.tt/21X3bHv
Post a Comment
Read more