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

2018 Lamborghini Aventador S Roadster Review

“Supercars just don’t excite me anymore.” These words, spoken to me over a month ago by another journalist, friend, and (so-called) enthusiast were echoing in my head for far too long, but they’ve finally been drowned out. Drowned out by the wail of a naturally aspirated 6.5-liter V12 engine mounted in the middle of the new Lamborghini Aventador S Roadster. My friend’s point is that back in the good old days, there was a crop of supercars that captured the imagination with amazing style, sounds, performance, and more. Today, it seems like everything is capable of supercar performance, with large luxury sedans outdoing some of the best and most dedicated teams of car nuts, while former pillars of automotive excellence are suddenly pumping out family-friendly SUVs. Beyond that, another league of supercars, dubbed hypercars have cropped up with hybrid gas-electric powertrains that make magical things happen quickly, but at the cost of the acoustic drama, visual flair, and engag...
Post a Comment
Read more

Project SportWagen: Going Stage 2 with APR

    When we last left you, the humble little SportWagen was fresh from the development process with our friends at AWE Tuning, sporting a new downpipe, exhaust and intake, allowing things to breathe a bit easier.  The car sounded great, but there was no getting around the fact that our wagon was still quite, well, slow.   While we realize that nothing we do to the Golf SportWagen at this point will make it a race car, we still felt compelled to do something .  To put it bluntly, we had a fever, and the only cure was more power. Flash forward a few hours, and we found ourselves at Waterfest, staring down APR’s palatial spread and the numerous tuned vehicles surrounding it.  Earlier in the year, APR had hinted to us that their 1.8 TSI files would be quite impressive, and based on what they were able to do with the 2.0 TSI found in the new GTI and our time in their Golf R, we knew it’d be worth the wait.  So with this in mind, we lined our G...
Post a Comment
Read more

Project Golf SportWagen- Intro

I’ve never really been one for SUVs and crossovers.  The current offerings aren’t the body-on-frame, go-anywhere specialty tools I remember from my youth, and what they lack in capability, they also lack in on-road performance. The current crop isn’t terribly good at handling or being efficient, which in my opinion are major components of our ideal driving experience.  So when it comes to space or utility, I usually look for something of the wagon variety- and it seems that I’m not alone. We hit quite a few shows around the east coast each summer, and we see modified Jetta SportWagens at nearly every event. Even amongst common consumers, these cars are highly sought-after. They don’t depreciate much, making even early Mk 5 2.5 versions expensive in comparison to other Jettas or Golfs of the same vintage. This year, Volkswagen launched their latest SportWagen, which is now billed as a Golf.  In many ways, this latest SportWagen is the best yet and it has certai...
Post a Comment
Read more