Updated: 03/14/2013 19:15 | By Agence France-Presse

Volkswagen to open seven factories in China

Volkswagen, Europe's biggest carmaker, said Thursday that it planned to open seven more factories in China, as it confirmed record net profits for 2012 and voiced optimism for next year.


Volkswagen to open seven factories in China

Volkswagen to open seven factories in China

"In the coming years, we will build at least 10 new factories, seven of those in China alone," VW chief executive Martin Winterkorn told reporters as the firm released its annual earnings statement.

From 2016, VW expects to churn out up to 300,000 vehicles per year in these Chinese factories, taking advantage of the world's fastest growing car market.

Despite "headwinds, particularly in Europe," Winterkorn said he was "fundamentally confident" for the future of his firm and forecast a rise in operating profit for 2014.

Last year, VW registered a record net profit of 21.7 billion euros ($28.11 billion), a gain of nearly 41 percent compared with the previous period.

Overall turnover roared ahead by 21 percent to 192.7 billion euros.

Investors appeared unimpressed by the results -- which confirmed initial figures released in February -- driving down the value of Volkswagen stock on the DAX index of leading German shares.

In mid-morning trade, Volkswagen was the worst performer on the DAX, dropping 3.45 percent compared to the wider market which was up 0.60 percent.

Latest Photo Galleries on xinmsn

facebook recommendations

NEWS VIDEOS

LIVE NEWS RADIO STREAMING

  • 938 Live

    938LIVE is Singapore's only English news and talk station which transmits round the clock with an engaging and enticing spread of programmes on current affairs, health, business and lifestyle as well as news every half hour until midnight.

  • Capital 958


    95.8FM城市频道的前身是"第三广播网"。上个世纪30年代末,新加坡就有中文广播,一路走来经过不少政治,社会局势的改变,中文广播在本地一直扮演举足轻重的角色。

more world news...