Volkswagen Group's chairman Prof. Dr. Martin Winterkorn has said that the company's first half earnings are “clearly in excess of our expectations.”

The German car manufacturer said today (29 July) that deliveries rose by around 16% in the fist sixt months to 3.6m vehicles, lifting the group’s global market share to 11.7% from 11.6%.

Operating profit rose to EUR2.8 billion from EUR1.2bn on the back of a 20.7% increase in sales revenue to EUR61.8bn.

The group generated a profit after tax of EUR1.8bn, up from EUR0.5bn in the same period last year.

"First-half earnings were clearly in excess of our expectations", said Winterkorn. "We were able to expand our position in the international automotive markets even further. We shall systematically extend our competitive position on the way to becoming the world’s leading automaker by selectively expanding our extensive range of new, environmentally friendly vehicle models.”

CFO Hans Dieter Pötsch added: "High demand for Group models in Western Europe, China, and North and South America was a key reason for our strong result, along with the boost provided by lower product costs and positive exchange rate effects. This has allowed us to improve our financial strength even further. Our goal is now to systematically continue this profitable growth path."

For the full detail of VW's results, click here.

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