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Carmakers optimistic despite weak earnings

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Carmakers optimistic despite weak earnings

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More weak results have been released by carmakers but they are predicting improved conditions for rest of this year.

Europe’s largest manufacturer, Volkswagen said its second quarter profit sank sharply. VW’s net profit between April and June was 283 million euros, down 83 percent from the same period a year ago. France’s Renault suffered a loss in the first six month of the year but said it would be increasing production as the sales outlook has improved. Renault’s first half net loss was 2.7 billion euros compared with a net profit for the same period in 2008 of almost 1.5 billion euros.