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VW trucks division targets strong profitability gain in 2017

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03/20/2017 | 03:20pm CEST
The Volkswagen logo is seen during the 87th International Motor Show at Palexpo in Geneva

MUNICH (Reuters) - Volkswagen's (>> Volkswagen AG) truck division aims to significantly increase its profitability this year as deepening cooperation between the MAN and Scania brands and improving overseas markets spur business, it said on Monday.

MUNICH (Reuters) - Volkswagen's (>> Volkswagen AG) truck division aims to significantly increase its profitability this year as deepening cooperation between the MAN and Scania brands and improving overseas markets spur business, it said on Monday.

Volkswagen (VW), which launched a new truck & bus division in 2015 to challenge global rivals Daimler (>> Daimler AG) and Volvo (>> Volvo AB), is targeting a long-term operating margin target of 9 percent, up from 6.1 percent last year.

"We are not striving to become a volume champion, we want to be the most profitable ones," chief executive Andreas Renschler told journalists, referring to improving markets in Western Europe, Russia and China.

But finance chief Matthias Gruendler made clear a significant improvement in financial results requires a rebound in the key Brazilian market where the VW division commands a 37-percent share of the country's commercial-vehicles market.

Overall truck and bus sales in Brazil have been falling for four years but demand is expected to rebound slightly in the second half of the year amid the improving economy with a chance for stronger growth in 2018, Gruendler said.

"Brazil has always been an important market and is characterized by a high degree of cyclicality," chief executive Andreas Renschler said.

Under Renschler, who ran Daimler Trucks before joining VW in February 2015, Europe's largest automotive group has also been seeking to expand its footprint in international truck markets.

Last year, VW announced a stake purchase in U.S. truck maker Navistar International Corp (>> Navistar International Corp) which may earn the German group access to the vast North American truck market, and is also in talks about finding a new partner in China.

"We are currently in discussions about different opportunities," Renschler said. "All options are open" including a possible increase in MAN's (>> Man SE) stake in China's Sinotruk (>> Sinotruk (Hong Kong) Limited) and finding a new partner.

(Reporting by Andreas Cremer and Irene Preisinger; Editing by Maria Sheahan)

Stocks mentioned in the article
ChangeLast1st jan.
MAN -0.31% 96.2 Delayed Quote.1.15%
NAVISTAR INTERNATIONAL CORP -0.11% 36.25 Delayed Quote.-11.38%
SINOTRUK (HONG KONG) LIMITED 1.56% 9.75 End-of-day quote.10.80%
VOLKSWAGEN -1.56% 167 Delayed Quote.1.92%
VOLVO -2.10% 151.75 Delayed Quote.1.51%
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Financials (€)
Sales 2018 170 B
EBIT 2018 14 468 M
Net income 2018 10 057 M
Finance 2018 15 021 M
Yield 2018 5,61%
P/E ratio 2018 6,93
P/E ratio 2019 6,73
EV / Sales 2018 0,32x
EV / Sales 2019 0,27x
Capitalization 69 914 M
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