Volkswagen profits surge despite selling fewer cars

BERLIN: Volkswagen said Friday its net profits jumped last year despite selling fewer cars due to the semiconductor shortage as buyers forked out for better-equipped cars.

The German automaker’s net profit rose 75 percent to 15.4 billion euros ($16.8 billion) in 2021. The 12-brand group sold 8.6 million cars last year, 600,000 fewer than in 2020 and 2.4 million below 2019 levels. However, sales revenue rose 12 percent in part due to “favourable pricing” and reduced costs.

The world’s second-largest automotive group expects sales volumes to rise by 5 to 10 percent in 2022 despite the continuing impact of chip shortages, it said.