VW Reports Record Profit

Net earnings more than double
By Kevin Spak,  Newser Staff
Posted Feb 24, 2012 8:26 AM CST
A worker wrapping a protective liner around a Volkswagen Tiguan at quality control portion of the production line in the Volkswagen plant in Wolfsburg, Germany.   (Ferdinand Ostrop)

(Newser) – Volkswagen reported a record annual profit today, as its net income more than doubled last year. The company sold 8 million vehicles for the first time in its 75-year history, the New York Times reports. While its full report won't be out until March 12, initial numbers released today show Volkswagen's pretax profit rising to a record $25.3 billion, with unit sales up almost 15% from 2010. And 2012 is looking good, too: January sales were up 1.3% from a year earlier.

The results stand in sharp contrast to those of French automaker Peugeot and GM unit Adam Opel, both of which are suffering so severely from Europe's slumping market that they're considering a partnership to cut costs.

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