Volkswagen Financial Services (VWFS) lifted
its first half operating profit by 53% year-on-year to €553m as
parent group Volkswagen more than doubled its profit.
The German car manufacturer’s first half
results show the finance and leasing arm contributed to strong
growth over the period.
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VWFS signed 1.1 million new finance, leasing
and insurance contracts in Europe, a 20% increase on the previous
year, and 1.5 million worldwide from 1 January to 30 June
2011.
Finance and leasing contracts represented 68%
of the division’s total business at 5.4 million contracts globally
and leased or financed vehicles represented 35% of group deliveries
worldwide.
The results show sales revenue from VWFS was
up 24% to €8.4bn for the first six months to the end of June and
the division’s total assets grew 8.4% from €87.9bn to €95.2bn.
Volkswagen Group recorded an operating profit
of €6.1bn compared with €2.8bn for the first half of 2010.
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By GlobalDataProf. Dr. Martin Winterkorn, chairman of the
Board of Management of Volkswagen said the business is confident
for the remaining six months of 2011.
He said: “Volkswagen is robust enough to
remain in the fast lane. Our expertise in technology and design
allows us to provide a diverse, attractive and environmentally
friendly range of products to meet our customers’ desires and
needs.”
grant.collinson@vrlfinancialnews.com
