German car giant Volkswagen, which is Europe's biggest carmaker, reported strong results today for the first nine months of 2008, despite the slowing global economy and said that its outlook for the full year remains unchanged.

VW reported its nine-month net profit had risen 28.5% to €3.7 billion compared to the same time last year, on sales which rose by 5.5% to €85.4 billion. Operating profit was 15% higher at €4.9 billion. Net income in the third quarter jumped to €1.21 billion, or €3.02 a share, from €947 million, or €2.38 a year earlier.

The results, which included figures from the Swedish truck maker Scania for the first time, were in line with or exceeded forecasts by analysts.

With its nine-month results, VW has risen among the top three car makers in the world, along with General Motors and Toyota. It has benefited particularly from a strong presence in emerging markets like China, Brazil, and Eastern Europe.

VW is the subject of a planned takeover by luxury sports car maker Porsche, which already owns a direct stake of 42% and controls a total of 74% when stock options are included.

Volkswagen shares rose over 10% in Frankfurt trading. The stock has risen almost four-fold this year.

Results detail