Volkswagen: earnings growth to โ‚ฌ11 billion in first half

The German automotive company Volkswagen has had a very profitable first half of the year.

Thats what the company reported in an interim statement. In addition, the contract of top man Herbert Diess will be extended until October 2025, according to Europes largest car manufacturer.

Volkswagen says operating profit is expected to reach around 11 billion euros, aided by the strong raising demand for cars from the economic recovery from the corona crisis. However, the company had to deal with global chip shortages in the automotive sector, but that effect seems to have shifted to the second half of this year.

Then the impact should be stronger, according to Wolfsburg company. The company will come on July 29 with final figures for the first six months of this year.

The 62-year-old Diesss original contract ran until the spring of 2023, and the extension of his contract is seen as a sign of confidence in his strategy of making much stronger use on electric cars at Volkswagen.