Record profit for Bentley
The Volkswagen Group performed particularly well in the first quarter, but in the second quarter profits decreased compared to the same period last year. However, that decline in the second quarter is not enough to offset the gain in the first quarter. The premium brands in particular brought in a lot of money, and Volkswagen also saw EV sales rise again.
Over the first six months, Volkswagen’s operating profit increased by 16.1 percent to €13.1 billion compared to the same period in 2021. By far the largest part of that profit was made in the first quarter, because in the second quarter Volkswagen’s profit declined by 27.7 percent to €4.7 billion. According to Volkswagen, this is due to “global headwinds and supply chain problems.” Despite this, Volkswagen’s turnover rose by 3.3 percent to €69.5 billion in the second quarter. In the first half of the year, Volkswagen’s turnover increased by 2 percent to €132.3 billion.
Of that €13.1 billion profit, a large part is raked in by the ‘Premium’ and ‘Sport & Luxury’ branches of the Volkswagen Group. The first includes Audi, Bentley and Lamborghini, the second consists exclusively of Porsche. The Premium branch raked in €4.9 billion of the €13.1 billion in total profit, Porsche accounted for €3.2 billion of the total cash drawer. By comparison, the volume brands – Volkswagen, Skoda and Seat – collectively bring in €2.6 billion in profit. That while sales of the volume brands add up to 1,956,000 copies. In comparison, the Premium branch and Porsche sold 662,000 cars together. It is especially festive at Bentley, because with a profit of €398 million over the first six months, Bentley already surpasses the profit of the whole of 2021, which was €389 million.
Bentley already surpasses the record profit of all of last year.
Volkswagen also saw an increase in the number of EVs delivered in the first half of the year. In the first half of the year, the group delivered 27 percent more EVs with 217,000 units than in the first six months of 2021. Volkswagen also sees that the demand for electric cars in Europe is increasing considerably, because there are 40 percent more orders compared to last year. came in for EVs. Volkswagen also says it increased investments in EVs and software to €4.9 billion in the second quarter. CFO Arno Antlitz says that Volkswagen’s strong operating profit and financial position means that the group can invest more in EVs.
For the next six months, Volkswagen, together with Stellantis, among others, expects the current problems in the supply chain to improve. “Despite all the caution surrounding the current volatile market and geopolitical risks, we are confident that we can continue the Group’s transformation,” said Antlitz.
– Thanks for information from Autoweek.nl