Volkswagen reported a big leap in profits thanks to strong demand for luxury cars at its premium brand Audi and forecast another year of double-digit growth in China, the world’s largest car market.
The German carmaker’s dominant position in China was underlined when on Wednesday it reported an operating profit of €1.3bn ($1.79bn) from its two Chinese joint ventures in the first three quarters, compared with €500m in the same period of the year before.
The joint ventures are not consolidated, so the result came on top of the group’s operating profits – published last week – of €4.8bn between January and September.
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