Volkswagen in the II quarter increased revenue by 3%

The German automaker Volkswagen in the second quarter of 2022 increased revenue by 3% and confirmed its forecast for the year.

The company’s revenue in April-June amounted to 69.54 billion euros against 67.29 billion euros a year earlier, according to its report.

Adjusted operating profit, however, fell by 28% to 4.74 billion euros. Profit after taxes in the last quarter fell to 3.91 billion euros from 5.04 billion euros a year earlier.

Volkswagen’s operating margin on sales fell to 6.8% from 9.7%. The indicator was adversely affected by write-downs of €2.4 billion related to hedging risks associated with commodity prices.

Car sales decreased by 13.5% – to 2.01 million cars.

In 2022, the company still expects revenue growth of 8-13% compared to 2021 and expects operating margin of sales to be in the range of 7-8.5%.