(February 23, 2013) Volkswagen has reported a surge in profit on record sales for 2012. Big gains in China and the U.S., the German car market's resilience for most of 2012, and onetime accounting gains related to the takeover of Porsche boosted Volkswagen's profit of 41 percent last year to 21.7 billion euros, or about $28 billion.

“The economic environment for our business became noticeably more difficult as the year progressed. Nevertheless, we succeeded in meeting the targets we set ourselves for 2012,” Prof. Dr. Martin Winterkorn, chairman of the Board of Management of Volkswagen, said in Wolfsburg on Friday.

The Group’s profit before tax in 2012 amounted to 25.5 billion euros.

Winterkorn was guardedly confident about 2013: “We, too, are not completely immune to the intense competition and the far-reaching crisis in key European markets. Furthermore, uncertainty in the economic environment continues.

"Nevertheless, we see good opportunities for the Volkswagen Group to once again outperform competitors this year thanks to our sound financial strength and earning power, a broad-based and attractive model range, an expanding presence on all major global markets and our comprehensive financial services.”

Given the pressures resulting from the difficult environment the Volkswagen Group’s goal for operating profit is to match the prior-year level in 2013. Deliveries to customers and sales revenue are to increase year-on-year. “If we can meet these targets, then 2013 will be another good year for the Volkswagen Group,” Winterkorn commented.