VolkswagenAG issued its 2012 full-year earnings on Friday, posting a 41 percent increase in profit but missing Wall Street estimates. The German automaker said its profit totaled 21.7 billion euros in 2012, up from 15.4 billion euros in 2011, largely due to an accounting shift that placed Porsche in Volkswagen's stable of brands. Overall revenue for the year, meanwhile, rose 21 percent from a year earlier to 192.7 billion euros. The company also topped 9 million vehicles sold for the first time ever in 2012, with total deliveries rising 12.2 percent on a year-to-year basis to just shy of 9.3 million. Like the world's other major automakers, Volkswagen was hit by lagging sales in Europe, but its performance in North America and Asia more than offset that decline.
German automaker Volkswagen AG issued full-year 2011 results on Friday, posting profits that more than doubled from 2010, capping off a year in which the company sold more vehicles than it had in any year in its history. Volkswagen delivered a total of 8.2 million vehicles in 2011, an increase of nearly 15 percent from the previous year. The company also announced a plan to spend 62 billion euros on new plants and models over the next five years, and will increase its workforce by 50,000 over the next six.
Volkswagen AG announced on Friday it plans to invest the equivalent of $70.6 billion over the next five years, most of which will go to updating the German automaker's manufacturing plants and equipment.