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VW Net Down Sharply but German Maker Targets Big Increase in 2012 Sales

Cost controls called critical as European market tumbles.

by on Mar.12, 2012

VW is betting it can beat last year's sales record with new products like the Audi A3.

Despite a sharp drop in its fourth-quarter earnings and the worsening situation in its European home market, Volkswagen AG today predicted it will see a substantial rise in sales and revenues for 2012 as it brings an array of new products to market.

But cost management will be critical because the maker admitted it is facing “increasingly stiff competition in a challenging market environment, especially in certain European countries.”

Buried amidst the maker’s overall financial data was word that VW would nearly double the pay for its various board members, to $93 million.

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The German giant – which surged to second in global automotive unit sales last year, behind General Motors and ahead of Toyota – revealed that net earnings for the October – December quarter fell by nearly a third, to 2.16 billion Euros, or $2.8 billion, down from 3.2 million Euros the year before.