– In the third quarter (Q3) of 2022, international auto companies increased their operating profit by 28 percent year-on-year, consulting firm Ernst & Young (EY) said in a study published on Monday.
Both total revenue and profit for the 16 major automakers surveyed reached their highest levels ever recorded for a third quarter, according to the study.
“Despite the slowdown in the economy and a very difficult geopolitical situation, the third quarter was a dream quarter for the automotive industry,” Constantin Gall, EY managing partner and mobility lead for the Europe region, said in a statement. West.
In terms of revenue, Volkswagen, Germany‘s largest automaker, led the ranking with 70.7 billion euros (73.8 billion US dollars), followed by Japan‘s Toyota with 66.3 billion euros. Along with Mercedes, Volkswagen also achieved the highest profitability of all the companies analyzed.
“Good demand, particularly for premium vehicles, and high prices continue to provide the auto industry with high revenue and profits,” Gall said. “Semiconductor supply is slowly improving, so passenger car production is picking up.”
Auto sales in China, the world’s largest sales market, were a “growth engine” for the entire industry, the study showed. Here, the passenger car sales of the analyzed companies increased by 11 percent, with the German manufacturers even achieving growth of 28 percent.
In the United States, there was a slight increase of 1 percent, while sales in Western Europe were down 3 percent, according to the survey. (1 euro = 1.04 US dollar) ■