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10/28, 7:38 AM (Source: TeleTrader)
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Volkswagen's Q3 revenue up 20% to €56.93 billion

Volkswagen's total sales yearly jumped 20% to reach €56.9 billion in the third quarter of 2021, the German automaker reported on Thursday. Furthermore, Volkswagen reported a year-on-year increase of 6.9% in its worldwide deliveries to 7 million vehicles.

However, as a result of the supply chain shortages experienced by the auto industry, the company's operating profit was down 12.1% to €2.8 billion year-on-year. Based on the results, the company slightly adjusted its outlook for the rest of the year, lowering its forecast for deliveries to customers but still anticipating a return on sales of between 6% and 7.5%.

"The results of the third quarter show once again that we must now systematically drive forward the improvement in productivity in the volume sector," Volkswagen Group CEO Dr. Herbert Diess said, explaining the company's determination to reach "climate-neutral, digital mobility."

Breaking the News / TT