Volkswagen Golf wins World Car of Year

Volkswagen design chief Walter de Silva hoists a trophy into the air after the Volkswagen Golf was named the 2013 World Car of the Year. Source: Getty Images

THE modern-day people's car, the Volkswagen Golf, has defeated 40 rivals to win the 2013 World Car of the Year.

The announcement was made at the New York Motor Show overnight. It is Volkswagen’s fourth World Car of the Year victory in the past five years, and the second time the Golf has won the title.

The Tesla Model S electrically-powered luxury sedan introduced by entrepreneur Elon Musk won Green Car of the Year, while the Jaguar F-Type convertible won Design of the Year and the Porsche Boxster sports-car took out Performance Car of the Year.

The World Car of the Year awards are judged by 66 jurors from 25 countries.  The Mercedes-Benz A-Class hatch had been highly favoured going into the awards.

Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen, said: “To win this award again shows that the Golf is and remains in a class of its own all around the world. This car sets new benchmarks again and again, not least in terms of efficiency and environmental credentials. Soon, the Golf will also be launched as a plug-in hybrid and as a 100 per cent electric car.”

The new, seventh-generation Volkswagen Golf goes on sale in Australia next month.

This reporter is on Twitter: @JoshuaDowling
 

View the original article here

Volkswagen says net profit up 40%

VOLKSWAGEN, Europe's biggest carmaker, says its net profit zoomed ahead by more the 40 per cent last year on higher vehicle sales.

VW said in a statement on Friday its net profit soared by 40.9 per cent to a record 21.7 billion euros ($A28.06 billion) in 2012 as revenues rose by 20.9 per cent to 192.7 billion euros and deliveries to customers were up 12.2 per cent at 9.276 million vehicles.

Underlying or operating profit rose by 2.1 per cent to 11.51 billion euros.

The group said it would propose an increased dividend of 3.50 euros per share for 2012 compared with three euros per share a year earlier.

Looking ahead, VW said it expected to "outperform the market as a whole in a challenging environment" and deliveries to customers would increase year-on-year.

"However, we are not completely immune to the intense competition and the impact this has on business," it cautioned.

While 2013 sales revenues were expected to exceed the 2012 level, "given the ongoing uncertainty in the economic environment, our goal for operating profit is to match the prior-year level in 2013," VW said.

Despite the carmaker's strong 2012 performance, analysts had been expecting an even stronger gain in profits last year.

As a result, VW shares were the biggest losers on the Frankfurt stock exchange in afternoon trading, plummeting 4.26 per cent while the overall market was showing a gain of 0.81 per cent.

View the original article here

Volkswagen says net profit up 40%

VOLKSWAGEN, Europe's biggest carmaker, says its net profit zoomed ahead by more the 40 per cent last year on higher vehicle sales.

VW said in a statement on Friday its net profit soared by 40.9 per cent to a record 21.7 billion euros ($A28.06 billion) in 2012 as revenues rose by 20.9 per cent to 192.7 billion euros and deliveries to customers were up 12.2 per cent at 9.276 million vehicles.

Underlying or operating profit rose by 2.1 per cent to 11.51 billion euros.

The group said it would propose an increased dividend of 3.50 euros per share for 2012 compared with three euros per share a year earlier.

Looking ahead, VW said it expected to "outperform the market as a whole in a challenging environment" and deliveries to customers would increase year-on-year.

"However, we are not completely immune to the intense competition and the impact this has on business," it cautioned.

While 2013 sales revenues were expected to exceed the 2012 level, "given the ongoing uncertainty in the economic environment, our goal for operating profit is to match the prior-year level in 2013," VW said.

Despite the carmaker's strong 2012 performance, analysts had been expecting an even stronger gain in profits last year.

As a result, VW shares were the biggest losers on the Frankfurt stock exchange in afternoon trading, plummeting 4.26 per cent while the overall market was showing a gain of 0.81 per cent.

View the original article here