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VW profits down 10 per cent

Volkswagen AG pre-tax profit slipped 9.6 per cent in 2002 to £2.67bn according to results released today.

The group, which is suffering from an aging product range as it battles weak demand and unfavourable exchange rates, had been expected to post a pre-tax figure of £2.66bn.

VW reported group revenues of £58.46bn – down 1.8 per cent from the previous year.

VW sold 4.98 million vehicles in 2002, a 1.9 per cent drop from the previous year, and the company has said it aims to lift sales to over five million this year.

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