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Volkswagen profits race ahead of targets

Volkswagen, the biggest European car maker, reported a 41.8% rise in second quarter net profit to €1.2 billion.

The German firm said it expects a pre-tax profit for the whole of the  year of €5.1 billion, reaching the €5 billion milestone a year earlier than planned.

This was because unit sales this year this year were expected to reach a record high level of six million units.

Sales totalled €28.2 billion for the three months, and operating profit before special items was €1.73 billion.