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Volkswagen shrugs off 1 billion euro legal hit with higher SUV sales in first quarter

  • 📰 Reuters
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Sales of sports utility vehicles and cost cuts helped Volkswagen shrug off a 1 b...

FRANKFURT - Sales of sports utility vehicles and cost cuts helped Volkswagen shrug off a 1 billion euro legal charge and meet first-quarter operating profit forecasts on Thursday, sending its shares 3.3 percent higher.

Analysts praised Volkswagen’s strong EBIT results at a time when other carmakers and suppliers were cutting their outlook. Ongoing supply bottlenecks caused by difficulties getting cars certified for stricter emissions tests, as well as economic weakness in China, South America and Russia, and legal issues pose risks to VW Group’s business, the carmaker said.

 

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