VWAPY Volkswagen AG (PK)

By David Sachs

Volkswagen on Thursday posted higher-than-expected after-tax profit in the third quarter on a rise in vehicle sales, but production fell on year.

The German car maker, which reported the bulk of its key financial figures last week and issued a profit warning, said after-tax profit reached 4.35 billion euros ($4.60 billion) compared with EUR2.135 billion in the third quarter of last year. Analysts polled by FactSet had expected EUR3.85 billion.

Sales rose 3.5% on the quarter to 2.34 million cars, while deliveries jumped 7.4%, the company said. Year to date, vehicle sales are up 8% to 6.8 million.

However, production fell 2.8% to 2.17 million units. Citi analysts said earlier this month that a recovery in production would be necessary for Volkswagen to reach its full-year earnings target.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

October 26, 2023 02:17 ET (06:17 GMT)

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