Volkswagen's sales revenue rises 4.9% in H1

Sales revenue of the German automaker Volkswagen grew 4.9 percent year on year in the first half of 2019 to 125.2 billion euros (139.7 billion U.S. dollars) from a year ago, the company revealed on Thursday.

"In the first half of the year, the Volkswagen Group performed very well in a generally weaker overall market," said Frank Witter, Member of the Board of Management of Volkswagen AG responsible for Finance (CFO).

Volkswagen Group delivered 5.4 million vehicles in first half of 2019, slightly less than a year ago, but increased its passenger car market share in a "declining overall market worldwide".

Despite cost of one billion euros for the ongoing Diesel emission crisis during the first half of 2019, Volkswagen Group increased its operating profit from 8.2 billion to 9 billion euros.

According to Volkswagen, profit had increased as a result of "improvements in the mix and price positioning in the passenger cars business area" as well as the "good business development" of its financial services and truck business TRATON.

Sales revenue of the Volkswagen brand in the first six months increased 3.4 percent year on year to 44.1 billion euros while operating profit before special items rose to 2.3 billion euros.

"The development of sales revenue and profit in the first six months is gratifying," said Volkswagen group CFO Witter, added that "we also confirm our outlook for the Volkswagen Group for the year as a whole".