Volkswagen Results Offer Rare Bright Spot in Industry Gloom
- CFO sees Europe sales rebounding during November, December
- Multiple sector pressures crush valuations in past few months
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Volkswagen AG stuck to its profit goals for the year, as robust results from the Porsche luxury brand helped stem the fallout from trade tensions, a cooling Chinese market and new emission tests in Europe.
The German manufacturer’s third-quarter profit also beat expectations in one of the more resilient showings in an otherwise gloomy reporting season for carmakers and suppliers. Progress during the first nine months of the year was “encouraging” even as major challenges remained, VW said Tuesday. Rivals BMW AG and Daimler AG have cut their outlooks.