Volkswagen passes Ford as world’s most profitable automaker
Volkswagen, Europe’s largest automaker, passed FoMoCo in the automotive industry earnings race last year with help form surging demand in China. Volkswagen’s net income increase sevenfold to 6.84 billion euros ($9.42 billion).
Ford posted 2010 profit of $6.56 billion, while General Motors reported $4.7 billion. Toyota is forecasting 490 billion yen ($6 billion) in profit in the year ending March 31.
“Fiscal year 2010 was the best year in the history of the Volkswagen Group,” said CEO Martin Winterkorn. “Volkswagen already provided impressive proof of its robustness during the crisis and our Group is now following that up by leading the field during the economic recovery as well.”
Volkswagen is aiming to pass Toyota, the world’s largest carmaker, in sales and profitability by 2018.
“Our broad and environmentally-friendly model range coupled with our financial strength and the clear strategic orientation of our multi-brand group have contributed to this success,” Winterkorn said.
– By: Omar Rana
Source: Bloomberg, Volkswagen