May 3, 2017

Volkswagen Group profits soar after cost cuts

Volkswagen Group also sold more models with higher profit margins, a spokesperson said. Group profit before tax rose 44.3% to 4.6bn euros, one of the carmaker's highest quarterly results to date. The group's troubled flagship brand also saw profits surge. Volkswagen brand operating profits rose to 869m euros from 73m euros the year before, although accounting changes meant sales revenues declined 24% to 19bn euros. Quarterly profit at luxury division Audi slipped to 1.2bn euros from 1.3bn euros a year earlier as VW's biggest earnings contributor pushes into new models and technologies.

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