Volkswagen, currently on a mission to become the world’s largest and most profitable automaker, saw its operating profits increase by 46 percent to $4.05 billion in the third quarter.
Global sales have increased by 14 percent through the first nine months of the year, with gains in the important Chinese and American markets up by 15 and 20 percent, respectively. VW is expected to surpass Toyota to become the second-largest automaker this year, trailing only General Motors.
“Our strong business performance shows the strength and stability of our strategy,” CEO Martin Winterkorn said in a statement. “In light of the current economic uncertainties, we are continuing to monitor developments in the global automotive markets extremely closely.”
VW has announced plans to invest 62.4 billion euros over the next five years on research and development, plants and new models and is also looking to hire 50,000 new workers by 2018 as it works towards a goal of selling 10 million vehicles per year. The company’s total 2011 sales are projected to be around 8.3 million units.
References
1.’VW quarterly profit…’ view
