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VW to open seven new factories in China

The Local · 15 Mar 2013, 16:07

Published: 15 Mar 2013 16:07 GMT+01:00

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"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, a gain of nearly 41 percent compared with the previous period.

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

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.

Story continues below…

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.


The Local (news@thelocal.de)

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Your comments about this article

16:48 March 15, 2013 by yllusion
Why is it necessary to build more factories there? Why is it necessary to built new factories at all? The only thing that doesn't know when to stop growing is cancer. All the other things in nature reach maturity and stop growing.

China is already over populated and over polluting, and if you give one car to every family this will be a disaster. There are enough car brands in Asia to supply that market with "Autos" and leave the production of "Wagen" to Europe.

It's much better to keep the european car factories in Europe and sell cars to the rest of the world making use of the good reputation of high quality vehicles, than to spread around and become like Coca-Cola.

And I hope that the EU has an eye on these companies to avoid that they open new factories on the other side of the world and close plants here in Europe leaving thousands unemployed.

"Oh but if we don't go there the other companies will." So what? No company needs to be a market leader in order to be healthy, profitable and well regarded.

This "sucking till the last drop" model of capitalism has to end.
14:39 March 17, 2013 by catjones
yllusion...tell your parents you want to go outside.
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