Volkswagen CEO expects stiffer headwinds after ‘decent’ 2018
FRANKFURT, Germany (AP) — Volkswagen says it increased operating earnings and sales last year despite troubles getting vehicles certified under new European emissions tests.
The company said Friday that operating earnings before one-time factors rose to 17.1 billion euros in 2018 from 17.0 billion in 2017. Sales revenue rose by 6.3 billion euros to reach 235.8 billion for the year.
The company sold a record 10.8 million cars, a 0.9 percent increase, despite bottlenecks getting vehicles ready for the Sept. 1 start of the new emissions testing regime, which Volkswagen said caused “significant upheaval in our sales performance.
CEO Herbert Diess said the company had a “decent showing” in 2018 but cautioned that “headwinds in key markets are expected to strengthen further in 2019.”
Volkswagen is to release detailed full-year results on March 12.