European auto giant Volkswagen released their financial report for 2016 on February 24.
According to their announcement, including all companies under the Volkswagen group such as Audi, Seat, and Škoda, net profits hit €217,267,000,000, a 1.9% increase over net profits from 2015 that reached €213,292,000,000.
However, operating profits for 2016 were €7,103,000,000. Compared with the loss of €4,069,000,000 incurred in 2015 due to the scandal surrounding emissions issues, this is a marked recovery.
In terms of total new cars sold worldwide, the manufacturer overtook even Toyota for coveted position of most new cars sold at 10,312,400 units. A 3.8% increase over 2015, this is the first increase in shipped units that VW has seen in 2 years.
Volkswagen CEO Matthias Müller stated that “Last year was an extremely tough one for us. Still, despite the inherent dangers, we were able to come out by setting a new record for our group by the end of the year.”
Written by Minoru Moriwaki
(Translated by Bryce Clarke)