ISSN 2330-717X

Volkswagen Earnings Soar On Strong China Demand

By

Europe’s biggest carmaker Volkswagen said Friday, February 23 its earnings surged in 2011 following strong demand in China, the world’s largest car market, M&C reported citing DPA.

The German-based group said its net profit jumped to 15.41 billion euros (20.6 billion dollars) from 6.84 billion euros in the year earlier, as a result helping the company to take another step in its plan to topple General Motors as the world’s largest auto manufacturer.

Sales hit a record 8.3 million vehicles with group revenue rising 26 per cent to 159.34 billion euros, said VW, the world’s second biggest carmaker.

The jump in earnings last year also came after VW booked gains on its holding in the luxury sports car maker Porsche.

VW said operating profit rose 58 per cent to 11.27 billion euros last year.

The company is to release more details of its performance last year including its fourth-quarter results at a press conference set for March 12.

Please Donate Today


Did you enjoy this article? Then please consider donating today to ensure that Eurasia Review can continue to be able to provide similar content.


PanARMENIAN

PanARMENIAN

PanARMENIAN Network is the first Armenian online news and analytical agency and one of the most cited Armenian informational resources worldwide.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.