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“We continue to see the most dynamic growth prospects in the emerging markets of Asia and Latin America, whereas the industrialised nations will continue to experience only moderate growth,” Volkswagen said yesterday.
VW’s operating profit, which does not include earnings from its lucrative China business, surged to €2.91bn ($4.26bn), surpassing the €2.19bn estimated on average from a Reuters poll of 11 analysts.
Some European carmakers such as PSA Peugeot Citroen have taken a hit after Japan’s earthquake and nuclear crisis made it difficult to source car parts from there.
Rival Renault on Tuesday predicted the impact of the Japan crisis on the auto industry supply chain could lead to slower production in the coming months.
But German auto companies have so far remained relatively unscathed by supply chain problems, and the crisis may create an opportunity for Volkswagen to surpass its top rivals.
Volkswagen has been aiming to surpass Toyota, the world’s biggest carmaker, in terms of global auto sales, and the Japan crisis could hamper Toyota’s production enough to push it to the No 3 spot behind General Motors and VW.
Porsche AG, the sportscar business jointly owned by Porsche SE and Volkswagen, earlier said it more than doubled its operating profit to €496mn in the first quarter, with a 10% increase in revenue.