VW raises 2010 sales, profit targets

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Europe's biggest carmaker, Volkswagen, raised its 2010 sales and operating profit target on Wednesday after a better-than-expected first half.

VW expects "that the previous year's figures for unit sales (6.3 million vehicles) and operating profit (1.9 billion euros, 2.3 billion dollars) will be significantly exceeded," a statement said.

Results in the first five months of this year "have considerably outperformed expectations" and "this trend looks set to continue in June" owing to a rebound of the North American market, strong growth in China and a fall in the value of the euro, the company said.

China is VW's largest market and the group also has a strong foothold in Brazil, two emerging economies that have boosted the German group's results

The second half of the year "still entails uncertainties," VW said.

Shares in the group fell by 0.40 percent to 71.98 euros in midday trading on the Frankfurt stock exchange, while the DAX index of German blue-chips was 0.20 percent higher overall.

© 2010 AFP

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