Demand for 4x4s drives Volkswagen profits up to €11.3bn

Volkswagen, Europe’s largest carmaker, reported record 2011 profits as demand increased for Audi and VW 4x4s.

Earnings before interest and taxes advanced 58% to €11.3bn, the Wolfsburg, Germany-based carmaker said yesterday. Profit matched the €11.3bn average estimate of 22 analysts surveyed by Bloomberg. Revenue gained 26% to €159bn.

Chief executive Martin Winterkorn is adding factories in a bid to surpass General Motors as the world’s biggest carmaker. VW, which delivered a record 8.27m vehicles in 2011, aims for sales growth this year, outpacing the market’s expansion.