Photo: Volkswagen
According to the company’s report, VW’s operating profit dropped by 4.7% to €3.64 billion ($4.7 billion) in 2012. As a result, the German automaker said it will increase production in China another 60% by 2018.
With European auto sales likely to remain depressed for following years, Volkswagen is counting on the expanding car markets in China and United States. It’s been said that the plan is to increase the number of auto plants by 10 in China alone.
"We have to really put our shoulders to the wheel and give our very best," Chief Executive Martin Winterkorn said at VW's base in Wolfsburg. "The environment is definitely a tough challenge, especially for European car makers."
VW said that they are also into developing a low-cost car intended for China primary, and then extending the sale to other countries, should it be successful. The car will try to mimic the Dacia’s low budget vehicles that frenetically sold in the austerity-stricken Europe, being offered at about €6,000-€8,000.
"We have to really put our shoulders to the wheel and give our very best," Chief Executive Martin Winterkorn said at VW's base in Wolfsburg. "The environment is definitely a tough challenge, especially for European car makers."
VW said that they are also into developing a low-cost car intended for China primary, and then extending the sale to other countries, should it be successful. The car will try to mimic the Dacia’s low budget vehicles that frenetically sold in the austerity-stricken Europe, being offered at about €6,000-€8,000.
Google News