WOLFSBURG, Germany: Volkswagen, Europe’s biggest carmaker, said Thursday that it planned to open seven more factories in China, as it confirmed record net profits for 2012 and voiced optimism for next year.
“In the coming years, we will build at least 10 new factories, seven of those in China alone,” VW chief executive Martin Winterkorn told reporters as the firm released its annual earnings statement.
From 2016, VW expects to churn out up to 300,000 vehicles per year in these Chinese factories, taking advantage of the world’s fastest growing car market.
Despite “headwinds, particularly in Europe,” Winterkorn said he was “fundamentally confident” for the future of his firm and forecast a rise in operating profit for 2014.
Last year, VW registered a record net profit of 21.7 billion euros ($28.11 billion), a gain of nearly 41 percent compared with the previous period.
Overall turnover roared ahead by 21 percent to 192.7 billion euros.
Investors appeared unimpressed by the results — which confirmed initial figures released in February — driving down the value of Volkswagen stock on the DAX index of leading German shares.
In mid-morning trade, Volkswagen was the worst performer on the DAX, dropping 3.45 percent compared to the wider market which was up 0.60 percent.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription