Hyperdrive
VW to Hit Finance Profit Target Years Early on Used-Car Boom
- Unit is expecting EU4 billion operating profit this year
- Division pushes to become the biggest fleet manager in Europe
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Volkswagen AG’s financial-services arm expects to reach an earnings target four years early thanks to surging demand for used cars.
The division will generate an operating profit of 4 billion euros ($4.8 billion) already this year rather than in 2025, according to Chief Financial Officer Frank Fiedler. First-half results rose to a record after the semiconductor shortage disrupted production of new cars, shifting demand to pre-owned vehicles.