This equates to earnings from 2010 being doubled. That will certainly read well with Volkswagen executives. Last year Volkswagen’s profit was approximately $9.2 billion.
Volkswagen said in a preliminary earnings statement Friday that it earned €15.41 billion ($20.5 billion) in 2011 — up from €6.84 billion the previous year.
The pre-tax performance was put down to Porsche a great deal. Recently the company have been trying to acquire the company outright from owning half. There have been many legal tangles at present which have proven to be a major stumbling block. However their interest in buying the company shows the state of the company’s financial stability and exceedingly high expectations.
Volkswagen finishing second
Last year, Volkswagen finished second in the race to become the world’s number one car producer. General Motors finished ahead and knocked Toyota off the top spot, who ended up finishing in fourth place.
Toyota unfortunately suffered from natural disasters in Japan and Thailand. This caused halts in production, part shortages and naturally a great decline in sales. From being the world’s number one, they fell dramatically. General Motors regained their spot for the first time since 2008.
Were Volkswagen really number one?
In 2011, Volkswagen had sold over 8 million worldwide was an all time record. 2010 saw sales of 7.2 million which at the time was another record. Overall this represents a 14.7% increase. Some experts would put Volkswagen as the world’s number one car producer as certain statistics were not included in official figures. Volkswagen aim to be world’s number one by 2018. Many thought it would happen last year (which believe it did). If they continue the way that they are at present, they will reached that number one spot in an undisputed manner this year.
In terms of European sales, Volkswagen are still the number one producer. This is expected to remain this way this year and for many years to come after.
Fourth quarter earnings
Fourth quarter earnings have not yet been revealed by the company. General Motors have are also currently in the same boat but results are imminent.
This year is set to see another very interesting battle between the world’s top car manufacturers to gain that number one spot.