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Summary: Volkswagen AG Aug 07
Standard & Poors, August 2007
The ratings on Germany-based automaker Volkswagen AG (VW) are supported by the group's position as the leading European mass-market automotive manufacturer, its moderate financial leverage, and good liquidity. The ratings benefit from VW's globally recognized brand names and the comprehensive product mix offered through the group's multibrand passenger-car strategy, as well as the growing contribution of its financial services operation. VW continues to face significant external challenges, including intensive competition across the European automotive industry. Nevertheless, the group's deliveries to European customers rose by 3.7% in the first half of 2007 compared with the previous year's first six months. In 2006, operating profits in its core European market grew to -4.8 billion (from -3.7 billion year on year). Operating profit...
Companies mentioned in this report are: Volkswagen AG
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