Volkswagen reports record first-quarter profit for 2011

Volkswagen Group announced today that it leveraged its 2010 momentum and maintained its growth rate in the first quarter of 2011. The company reported record first-quarter profit, which more than tripled as the V-dub and Audi brands attracted Chinese customers.

“Business developments in the first quarter demonstrate the Volkswagen Group’s strength and robustness”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen, on Wednesday at the presentation of the interim report for the first quarter of fiscal year 2011.

Net income increased to 1.71 billion euros ($2.51 billion) from 473 million euros a year earlier, the company said. Volkswagen’s revenue increased 31 percent to 37.5 billion euros.

“The Volkswagen Group has got off to a good start”, said CFO Hans Dieter Potsch. “Our sound finances and continuous improvements in profitability are the basis for the Volkswagen Group’s successful future”.

– By: Omar Rana