The carmaker has posted higher-than-expected operating profits of €4.4bn for the first quarter of this year.
Editor’s Remarks: The figure – up 28% on the same period last year – was “significantly” higher than expected, according to Volkswagen, who was able to release it ahead of its full quarterly earnings report on May 3rd thanks to rules on disclosing results that are very different to expectations. The German carmaker cited “improvements” in its core passenger car brand, suggesting that its cost-cutting efforts have started to produce results in a part of its business which has long suffered from low profit margins. It is perhaps justified in its decision to hold its 2017 estimates steady in spite of the news, as it continues to deal with the aftermath of the ‘dieselgate’ scandal.
What to watch: Volkswagen, Herbert Diess, Matthias Müller, PSA Group, Daimler