Volkswagen Q2 earns slip on restructuring, troubled markets
FRANKFURT, Germany (AP) — Automaker Volkswagen saw profits slip in the second quarter despite taking the global lead in sales over Toyota and GM.
The company based in Wolfsburg, Germany, was hit by 180 million euros ($198 million) in restructuring costs at its MAN truck division. More broadly, it faces headwinds from troubled economies in China, Russia and Brazil.
Profit after tax fell to 2.73 billion euros from 3.25 billion euros in the prior-year quarter. Revenues rose 9.9 percent to 56.04 billion euros, largely boosted by favorable exchange rate changes.
CEO Martin Winterkorn warned against becoming complacent over the sales lead, saying that "size is not an end in itself.