Profit Growth and Management Team

vw: The figure indicates that profit growth at Germany biggest carmaker accelerated especially in the second quarter, suggesting it might come in about 1 billion euros higher than forecast by analysts, according to Deutsche Welle. Evercore ISI analyst Arndt Ellinghorst said improvements at the VW brand were particularly encouraging. "We continue to believe that the market is complacent with respect to the amount and speed of change that the VW new management team is currently implementing," he told the news agency Reuters. Volkswagen said cost cutting and rising European car sales helped it to beat first-half underlying profit forecasts. Shares in VW jumped more than five percent at the Frankfurt Stock Exchange upon the news, helped also by Barclays' analysts who gave the stock an "overweight" rating, saying in a note that VW was starting to move "in the right direction." Dieselgate still haunting VW In its statement, the German carmaker, however, also said that it was forced to set aside another 2.2 billion euros "mainly related to further legal risks predominantly arising in North America." In September, VW admitted it had equipped its diesel cars with illegal software to cheat emissions tests in the United States. The latest charge adds to 16.2 billion euros VW was already forced to set aside in provisions due to the scandal. It later said around 11 million diesel vehicles worldwide had been fitted with such defeat devices. (news.financializer.com). As reported in the news.