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Volkswagen Foresees Increased Share of Car Market

Volkswagen AG, Europe’s biggest carmaker, forecast that it will increase worldwide market share as new models partly offset an industrywide drop in vehicle sales following an increase in profit last year.

Net income rose 15 percent in 2008 to 4.75 billion euros ($6 billion), or 11.92 euros per basic ordinary share, from 4.12 billion euros, or 10.43 euros, the Wolfsburg, Germany-based carmaker said in a statement today. Revenue rose 4.5 percent to 113.8 billion euros.

Volkswagen’s global presence and models such as the Golf and Fox that have attracted customers seeking economical transportation helped the carmaker counter the effects of the worst recession since World War II. Group deliveries rose 0.6 percent last year to a record 6.23 million vehicles on demand for Audi and Skoda models.

The carmaker aims to sell 6.6 million Volkswagen-brand vehicles by 2018, compared with 3.67 million last year. The company said today that earnings this year will decline as Volkswagen “will be unable to escape the downward trend.” At the same time, model introductions planned for this year will help Volkswagen stave off the worst declines, it said.

[ Continue reading original article on Bloomberg ]

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