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Newly-manufactured electric vehicles (EV) loaded on a freight train for shipping at the Volkswagen AG (VW) electric automobile plant in Zwickau, Germany, April 26, 2022. /CFP
Volkswagen reported a fall in third-quarter profits with surging revenue after the German auto giant took a hit from suspending production in Russia and listing its premium sports car brand Porsche. However, the company's recovery in China is accelerating.
The car maker's revenue from July to September surged about 24.2 percent year on year to 70.7 billion euros ($70.35 billion), while its net profit dropped more than 26.5 percent from the same period last year to 2.13 billion euros, according to company earnings released on Friday.
"Overall the operating result was weighed down by non-recurring costs totaling around 1.6 billion euros related to revaluation effects due to the Group's suspended activities in Russia and costs associated with the Porsche IPO," the company said in the Friday statement.
The auto group has stopped the production of vehicles in Russia and has also halted vehicle exports to Russia since March.
Volkswagen's recovery in China, the world's largest auto market, continues to accelerate, with a 26 percent increase of deliveries in the third quarter. The group aims to double electric vehicle deliveries in China this year.
"I'm pleased to see that we made progress in China and the U.S., and took another step toward further securing the supply of raw materials to deliver on our ambitious EV ramp-up plans," said Oliver Blume, Volkswagen CEO.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466