Technological positioning, not volumes, to drive VW value

Volkswagen Group wrapped up another solid year in 2014, with a 4.2% rise in unit sales and a 2.8% increase in revenue, and operating profit up by €1bn (US$1.06bn) to a record €12.7bn. While the delivery figures include contributions from its Chinese joint ventures, the revenue and operating profit don't, so these figures are actually considerably higher. However, it is not so much the unit sales or profit that analysts are honing in on, but rather the Group's technological positioning.