Exotic Car News!
The parent company of Lamborghini -- Volkswagen -- has just turned in their quarter one statements and they are showing a profit so far to date for 2010.
Will the trend continue?
It's our thoughts that as long as Toyota sales are down and Ferrari continues to struggle to sell their California model, that Lamborghini's parent corporation will continue to gain.
VOLKSWAGEN IS MAKING A PROFIT IN 2010 SAYS LEFT LANE NEWS
Left Lane News says Volkswagen reports near-double jump in Q1 profits to $633 million. [Apr. 21]
That's a hefty sum in the plus column no matter what business you are in...
The transportation news site shares:
Volkswagen AG is reporting first-quarter profits that have nearly doubled last year’s first-quarter, jumping to $633 million. VW points to the strong increase in sales for the Chinese market, as well as a record setting quarter for its luxury brand, Audi.
According to Bloomberg, Volkswagen AG, which includes its volume luxury brand Audi, exotic car maker Lamborghini, Bentley, Bugatti, SEAT and Skoda, has recorded a $633 million first-quarter profit.
“Volkswagen recognizes that with Toyota’s recall troubles, it has a wonderful opportunity to be seen as the world’s top automaker,” said Stephen Pope, chief global equity strategist at Cantor Fitzgerald in London, to Bloomberg. “Volkswagen’s really making a play for emerging markets.”
So what factors and reasons led to the market jump? Left Lane News says, "VW’s emergence in markets outside of Europe played a role in increasing profits for the automaker, as a struggling European economy has forced higher than average incentives, which have in turn decreased profits."
FAST FACTS ABOUT POSSIBLE REASONS FOR VOLKSWAGEN PROFITS
The website Fast Lane News goes on to say:
VW, like all automakers operating in Europe, also benefited from several government subsidized scrappage schemes in order to move smaller cars off of dealer lots. With the end of these programs in Europe, as Leftlane previously reported, the European market is expected to shrink, possibly as much as 25 percent in 2010, according to IHS Global Insight.
Volkswagen AG sales rose 25 percent to 1.73 million units for the first quarter. VW also enjoyed a boost from its luxury brand Audi, which recorded its best first-quarter ever with 264,100 vehicles sold – a jump of 26 percent.
That's todays fast exotic car report.
Do you agree or disagree with Left Lane News?
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What do you think of the company Volkswagen? How about Audi? And Lamborghini? Why do you think the company is showing a profit? What are they doing right and what are they doing wrong? Sound off in the comments section below.
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