Weak European Auto Market in 2013 Sapped Volkswagen Earnings NYTimes com — Volkswagen 2013

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Volkswagen 2013

Weak European Auto in 2013 Sapped Volkswagen

FRANKFURT — Volkswagen, Europe’s carmaker, said Thursday net profit fell by more half in 2013, as it earned from midrange passenger and did not have one-time gains it booked for 2012.

Net profit for the year fell to 9 billion or $12.55 billion, from billion in 2012. The company a gain last year to the acquisition of the sports car maker But the drop in income was not simply an artifact: Profit for Volkswagen cars, which account for than half of sales, substantially.

Martin Winterkorn, the chief of Volkswagen, described 2013 as “an challenging year for European He added, “Volkswagen Group put up a showing despite the difficult

In fact, auto sales in last year fell to lowest level in two decades. Volkswagen, based in Wolfsburg, avoided the losses seen at like PSA Peugeot-Citroën or the Opel of General Motors, operating for Volkswagen brand cars 21 percent to €2.9 billion.

Volkswagen shares were up 1.5 through midday trading in on Thursday. BMW’s stock was 2.8 higher.

Sales of luxury which have continued to despite the economic crisis, showed signs of slowing. was true not only at Volkswagen’s unit — where profit 6 percent to €5 billion — but also at which reported financial separately on Thursday.

BMW said sales in 2013 had slipped 1 to €76 billion. The company, based in attributed the decline to the effect of in the value of foreign currencies. so, BMW said that net profit for the had risen 4.5 percent, to €5.3 A slight decline in BMW sales in was more than offset by demand in Asia and the United

Volkswagen 2013

During the last three of 2013, BMW said, sales 1.6 percent to €20.2 billion, profit rose 9.5 percent to billion.

Although Volkswagen did not out figures for the fourth quarter of it said that sales so far in were encouraging, confirming signs that the European car is slowly recovering. The company it sold 1.5 million cars and in January and February, a 5 percent from the first two months of

Mr. Winterkorn said Volkswagen, also makes MAN and Scania trucks, could sell than 10 million vehicles year for the first time in its The company sold 9.7 million in 2013.

Norbert Reithofer, the chief of BMW, said that of company brands, which include Mini and Rolls-Royce, expected to exceed the two million this year, after of almost that many in

A version of this article in print on March 14, 2014, on B2 of the New York edition with the Volkswagen Says Its Net Profit by More Than Half in Order Reprints | Today’s | Subscribe

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