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VW Runs Up Big Score for 2012

$15 bil earnings handily top Toyota, GM.

by on Mar.22, 2013

The success of the latest Golf has helped fuel VW's industry-leading profitability.

After setting its sights on becoming the world’s biggest carmaker six years ago, Volkswagen AG has steadily moved closer to its twin objective of becoming the world’s most profitable automaker, reporting operating income of 11.5 billion euros, or $15 billion, for 2012. The total easily surpassed General Motors Co.’s $7.9 billion and Toyota Motor Corp.’s $11.1 billion.

Martin Winterkorn, chairman of VW’s Board of Management, noted during the company’s annual financial press conference the Volkswagen Group had mastered the challenges posed by a difficult market environment in 2012 by posting record vehicle sales, sales revenue and earnings.

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“Volkswagen is feeling the headwinds –especially in Europe. Nevertheless we remain guardedly confident,” he said.

The Volkswagen Group not only turned in a compelling operational performance in the past fiscal year – it also met its targets for major strategic projects: The once-uncertain acquisition of the Porsche brand was completed last August, while Ducati, a legendary motorcycle brand, also joined the Group family, Winterkorn said.


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.