HANOVER, Germany Volkswagen’s (VOWG_p.DE) financing arm expects to post record gain in 2016, it pronounced on Friday, interjection to increasing direct for diesel cars, a pointer that a company’s emissions-cheating liaison has not deterred customers.
Operating distinction during Volkswagen (VW) Financial Services might surpass 2 billion euros ($2.1 billion) for a initial time, after a multiplication formerly indicated it approaching gain to compare final year’s 1.92 billion, Lars Henner Santelmann, conduct of a unit, said.
“Even in a severe business year 2016 we have been means to continue a successful expansion march of past years,” Santelmann told reporters late on Thursday in remarks embargoed to Friday morning.
He cited cost cuts, recuperating direct in southern Europe and lower-than-expected refinancing costs.
“We have sole some-more diesel vehicles in Germany this year than a year progressing and during a aloft cost than a year ago,” Santelmann said.
Braunschweig-based VW Financial Services handles play and patron financing and a German group’s banking and leasing business. Its operations bar a Scania and Porsche brands and a Porsche Holding Salzburg distributor.
The financial arm of Europe’s largest automaker has increasing the portfolio of new contracts 10 percent to 7.44 million contracts from 6.76 million in 2015.
(Reporting by Andreas Cremer; Editing by David Holmes)