VW Slovakia net profit jumps 31.6% y/y in 2010.

By bne IntelliNews March 15, 2011
Volkswagen (VW) Slovakia, the local unit of German auto group Volkswagen, reported a net profit of EUR 75mn in 2010, up by 31.6% y/y, the company said on its website. The companys turnover rose by over 37% y/y to EUR 4.04bn. VW Slovakia produced 144,510 vehicles, which was 36% more than it made in the previous year. Production of car components reached an all-time-high of 379,000 gear units and 31.5mn component units, expanding by nearly a third compared to 2009. The company exported most of its production, as exports stood at EUR 4bn in 2010. The main foreign markets were Germany, where 36% of the exported cars were sold. China followed with an 18.9% share, up by 5.7pps y/y. Other important export markets were the USA and Russia. VW Slovakia invested some EUR 171.8mn in 2010 mainly in the preparations for the launch of a new small family model. The company plans to start producing the new model later this year, VW Slovakia chairman Andreas Tostmann siad. In February, VW Slovakia said it will invest EUR 1bn in the next five years to boost car and parts production in the country. The company is one of the biggest investors and exporters in Slovakia. It has plants in Bratislava, Martin and Kosice and produces Volkswagen Tuareg SUVs, Audi Q7 and Porsche Cayenne as well as car components. The number of employees stood at 7,000 in 2010.
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