Volkswagen adding extra shifts at factories to keep up with rising demand

Article by Christian Andrei, on March 11, 2011

Volkswagen AG CEO Martin Winterkorn says that, in order to meet rising customers’ demands, he’s adding more shifts at factories. At VW’s annual investors and press conference in Wolfsburg, Germany, Winterkorn said VW sees a strong first quarter on all fronts.

He added that two-month global sales at VW, which also include the Audi luxury brand and Czech division Skoda, surged 18 percent to more than 1.2 million cars. VW is relying on growth in Russia, Brazil, China and India to narrow its gap with the world’s largest carmaker - Toyota Motor Corp.

In 2011, VW forecasts sales will grow 5 percent after reporting a record 7.2 million deliveries of cars and SUVs in 2010, says Autonews. In 2010, sales in China increased 37 percent to 1.92 million cars.

On Feb. 25, 2011, VW said net income surged sevenfold in 2010 to EUR6.84 billion ($9.46 billion) from EUR960 million in 2009.

Gains at the VW and Audi brands helped revenue rise 21 percent to EUR127 billion. VW reaffirmed it expects 2011 revenue to surpass year-ago levels and operating profit to surpass the 2010 record of EUR7.14 billion.

VW proposed a 2010 dividend of EUR2.20 per common share and EUR2.26 per preferred share. Amid tight component supplies stemming from parts-makers' struggle to keep up with vehicle demand, on Jan. 31, 2011, VW stopped production at its main Wolfsburg factory and at a plant in Emden.

Topics: vw, production

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