27 Feb 2012

Volkswagen doubles full-year profit

12:00 pm on 27 February 2012

Profits have more than doubled at Volkswagen after the company delivered a record number of vehicles last year.

The company reported net profit of €15.8 billion for last year compared with €7.2 billion in 2010.

It delivered more than eight million vehicles, up almost 15% on 2010.

VW plans to spend €62 billion on new plants and models in the next five years, as well as on research and development, the BBC reports.

The firm will also hire 50,000 more staff in the next six years.

The company plans to be the biggest carmaker in terms of sales and profits by 2018.

To help reach that target, it has developed a new platform that will serve as a base for its small and large cars.