The Volkswagen Group posted first half earnings. Despite trouble with European sales, the figures were impressive and show that VW may top General Motors (NYSE: GM) and Toyota (NYSE: TM) in global unit sales in 2012. The Volkswagen Group increased its sales revenue to €95.4 billion in the first six months, up 22.6% on the prior-year period (H1 2011: €77.8 billion). Profit before tax for the first half of the year amounted to €10.1 billion (vs. €8.2 billion), an increase of 22.1% as against the prior-year period. The figure after tax improved by 35.9% to €8.8 billion (vs. €6.5 billion). Audi sales were particularly strong at 678,000, another sign that the brand continues to challenge BMW and Mercedes worldwide. VW summed up the quarter:
Continuing strong demand for Group vehicles around the world saw unit sales by the Volkswagen Group rise 12.4 percent to 4.6 million vehicles (4.1 million) in the first six months. The Group’s share of the global passenger car market increased to 12.4 percent as against 12.3 percent in the prior-year period.
GM and Ford should have been so fortunate in terms of their first half results.