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Future of Volkswagen looks bright

The German automaker Volkswagen AG became more confident with future sales after getting the second quarter profit surged of 42 percent, thanks to the company’s reduced costs and Audi and Skoda models’ successful sales.

Famous for its bug-like cars, Volkswagen’s net income rose to a whopping $1.6 billion (1.22 billion euros). This has been made possible because the company’s plant in Germany was able to make its employees go with working 4.2 more hours with no extra pay. Aside from the workforce cost-cutting move, sales from Audi and Skoda went up high the ceiling. People started to clamor for the new models like Skoda’s small car called Fabia and Audi’s TT Roadster and Coupe.

“We’re definitely now seeing the effects of the restructuring measures,” said Nathan Kohlhoff, an analyst at Unicredit in Munich. “The results are better than everyone was expecting.”

Since Volkswagen was able to reach its 2008 profit goal, the company is expected to at least reach a pretax profit of 5.1 billion euros before the year ends.

“This shows that we are on track to obtain and sustain a new level of profitability,” said Volkswagen Chief Financial Officer Hans Dieter Poetsch. “Our goal is to grow with the current headcount.”

Although the other Volkswagen market is doing well, the German automaker has to do establish a U.S. Factory for Volkswagen of America vehicles especially if the dollar continues to weaken against the euro. Manufacturing of car parts and assembling these into new models in the U.S. Will cut a lot of money.

This entry was posted on Monday, July 30th, 2007 at 6:14 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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