VW Shares Rise as Results Defy New Emission Tests: Street Wrap

Volkswagen, Porsche SE are top gainers on auto-industry index
Possible China stimulus could provide further boost: analysts

We Are Keeping Our Forecast for the Full Year, Says Volkswagen's CFO

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By Chiara Remondini

October 30, 2018 at 10:02 AM UTC

This article is for subscribers only.

Volkswagen AG reported solid third-quarter results, surprising investors who were expecting earnings to be hurt more by the new WLTP emission-testing system at the carmaker, which has been among the most vocal companies about the setup’s negative effects.

VW shares rose as much as 5.1 percent and were up 3.3 percent at 11 a.m. in Frankfurt, the best performance on the Stoxx 600 Automobiles & Parts Index, followed by controlling shareholder Porsche SE. That extended an advance from Monday, when car stocks globally benefited from a possible stimulus from China through a 50 percent cut to the tax on vehicle purchases. VW still sees a WLTP-related earnings impact at more than 1 billion euros ($1.14 billion), the German manufacturer said Tuesday.