VW to focus more on electric vehicles after record sales year

• Published On: 15 March 2017
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Despite a £5.6 billion loss to cover emission scandal costs, the company turned a profit of £6.2 billion.

In the wake of the emission scandal, VW Group CEO, Matthias Muller announced that the VW Group sold 10.3 million cars in 2016, making it the world’s largest car manufacturer. It made a profit of £6.2 billion after allowances, including the £5.6 billion worth of damages to cover emission scandal costs. The emission scandal set the company back by a lofty £14.2 billion.

The VW Group “will be a role model in environmental protection, safety and integrity,” according to CEO Matthias Muller, who was speaking as the firm confirmed a record-breaking sales year in 2016. Its sales in China grew 12.2 percent and its 2016 sales revenues of £190.4 billion also exceeded forecasts by £3.5 billion.

“The last year was challenging yet remarkably successful,” said Muller. “In 2016 we set the course for the biggest transformation in the history of the company, while at the same time performing better in our operating business than many thought possible…Volkswagen is back on track.”

The VW Group has committed to having 30 battery-electric vehicles on sale by 2025. Audi will be leading the Group’s autonomous driving projects. Muller also highlighted recent joint ventures – in China with FAW and JAC; in India with Tata Motors; and in America with Navistar to highlight the company’s commitment to forging partnerships to boost its sales success for years to come. He also confirmed the first budget VWs for developing markets will go on sale in 2018.