VW increases its investments in the US, as it plans to manufacture an all-new SUV designed for the American consumers.
The success of the Passat sedan, which was also designed for the American customers, has made the US market a growth hub for VW, which therefore manages to make for the loss in the European market. For the year-to-date VW’s operating profit increased 2% to 9 billion euro ($11.7 billion), but the company expects flat earnings and slightly higher sales by the end of this year.
“We remain committed to our ambitious goals for 2012, despite growing headwinds,” Winterkorn said. “The Volkswagen Group is well positioned thanks to its 12 strong brands, young and attractive product portfolio, growing presence in all major regions of the world, and flexible production.”
The slowdown in the Chinese market was apparently temporary, as VW’s JVs in the country contributed more than 1 billion euro ($1.3 billion) for the first time to its quarterly profits. As VW aims at becoming the world’s leading automaker by 2018, it also plans to get its US operations back on the track in 2013.
VW said that the new SUV will be smaller than the $43,000-plus Touareg, bigger than the $22,995 Tiguan SUV, but cheaper and technically simpler than the two models.