10:45 AM
ngetoyo
Volkswagen AG posted a profit of €1.71 billion (R16.8 billion) in the first quarter of 2011. That is up from €473 million (R4.6 billion) during the same period in 2010. It’s all at the back of revenues amounting to €37.5 billion (R368.2 billion). China seems to be the driving force behind VW’s success, along with former BRIC countries. South Africa recently joined the group to form BRICS.
In the first 3 months of the year, the German company sold 1.97 million vehicles globally. Sales are coming from all fronts, including the Polo, Tiguan, Audi A1 and Audi Q5.
It wasn’t all rose beds though as Bentley and Seat still experienced losses, albeit on a much smaller scale than last year. The super luxury brand posted €25 million (R245.4 million) negative numbers, while Seat, which pulled out of Mzansi in 2008, lost €12 million (R117.8 million), down from €110 million (R1 billion) in 2010.
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