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Earnings tumble at automakers, but VW defies the gloom

Video Credit: Reuters Studio - Duration: 01:43s - Published
Earnings tumble at automakers, but VW defies the gloom

Earnings tumble at automakers, but VW defies the gloom

More evidence has emerged of tough times for the auto sector following weak numbers at Ford, Nissan and Tesla.

But Volkswagen is defying the gloom with a big jump in earnings.

Julian Satterthwaite reports.

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These look like tough times for automakers.

But it seems Volkswagen didn't get the memo.

The German giant posted a 30 percent jump in earnings Thursday (July 25).

Second-quarter operating profit up to just over 5.7 billion dollars.

That despite a slight drop in the number of cars sold.

Rising sales of expensive SUVs and premium brands the company's saviour.

The gains make it look like a real outlier though.

On Thursday Nissan said its first quarter earnings were down by 98.5 percent.

It just barely eked out a profit of under 15 milllion dollars.

The company confirmed earlier reports that it will ax thousands more jobs.

12,500 to go by 2022.

Sluggish sales and the fallout from the arrest of former boss Carlos Ghosn among its troubles.

Hours earlier, it was a gloomy picture for big U.S. names too.

Ford shares sank 7 percent in after-hours trading Wednesday (July 24).

That after it reported a lower than expected profit.

The U.S. firm hit by the cost of restructuring in Europe and South America.

That's set to cost it 11 billion dollars.

A near-22 percent drop in China sales another problem.

And then there's Tesla.

Elon Musk's company again missing targets.

The company posted a deeper than expected loss and saw margins tighten.

Its shares tumbled more than 11 percent following the news.

The long-awaited day when it turns profitable now projected to come in the fourth quarter.




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