The Volkswagen Group has had the worst quarter of the year in terms of turnover and profit. The results are also lower than in the third quarter of last year. The chip shortage is affecting the company.
Global chip shortages are clearly impacting Volkswagen’s financial results. The Volkswagen Group reports a 12 percent drop in operating profit. In a statement, Volkswagen made a direct link to global semiconductor bottlenecks.
Operating profit, earnings before items such as taxes, interest and depreciation, came in at €2.8 billion. That was less than in the first and second quarters of this year, and also less than a year earlier, when the car manufacturer already had a weak quarter due to the corona pandemic. Volkswagen did not include one-off items in these results.
Volkswagen’s turnover fell by more than 4 percent year-on-year to €56.9 billion. With this, Volkswagen performed slightly better than what connoisseurs had expected on average. The number of deliveries to customers will also be somewhat lower than previously anticipated. According to Volkswagen CEO Herbert Diess, it is mainly important to improve productivity, he said in an explanation.
The Volkswagen Group delivered 1.973 million cars in the quarter, compared to 2.612 million in Q3 last year. A contraction of no less than 24.4 percent. The production contraction is even greater: 35.1 percent. More than 1.5 million cars were built last quarter, compared to just 2.5 million in Q3 of 2020. However, with almost 7 million cars, the Volkswagen Group has delivered more vehicles this year than in the first three quarters of last year. . Then it got stuck at more than 6.5 million pieces.
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