Volkswagen, Europe's biggest car maker, said today that its 2008 profit rose 15%and it expected to gain market share during the current global car sector crisis.
A VW statement said 2008 net profit came to €4.75 billion as sales rose 4.5% to a record €113.8 billion, with operating profit up 3% to €6.3 billion. The 2008 dividend was increased 7% to €1.93 per share.
'We met our target and surpassed our record results for 2007 even though conditions were tougher,' chairman Martin Winterkorn said.
VW said it aimed to do better than the sector as a whole in 2009 and 'will be able to gain additional market share during the crisis,' but it added that sales and earnings were expected to decline.
'The current year remains extremely difficult for the entire automotive industry,' Winterkorn warned. 'Our target is to fare better than the overall market.'
The company said it could not give specific guidance for the year. 'High volatility of market developments does not currently permit any reliable forecasts to be made for fiscal year 2009. Based on the extremely weak business at the beginning of the year, earnings will not reach the high levels of previous years,' it added.
