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Skoda's growth in Russia, China fuels record 2010 sales

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Skoda's growth in Russia, China fuels record 2010 sales

Staff &

and Wire Reports December 9, 2010 12:16 CET

UPDATED: Dec. 9 14:40 CET

Skoda, the Czech unit of Volkswagen AG, said it will post record sales this year, fueled by sales growth in Russia, China and India as well as further expansion in eastern Europe.

Sales in the first 11 months rose 12.3 percent to 702,400 vehicles, the company said in an e-mailed statement. That's more than last year's total sales of 700,000 cars, according to the statement.

The carmaker expects to sell about 750,000 vehicles this year, board member Juergen Stackmann said in the statement. Total November sales jumped 15.8 percent while volumes in Russia grew 43 percent to 3,498 units in November, pushing 11-month sales up 38 percent to 41,520, according to data from the Association of European Businesses (AEB).

Sales in the Czech Republic, the company's home market, rose 5.1 percent during the period.

“Skoda is firing up,” Stackmann said in the statement. “These results are more than a solid base for our growth ambitions in the coming years.”

Sales in China in the first 11 months of the year rose 56 percent to 167,000 cars and India rose 33 percent to 17,800 vehicles.

Markets in eastern Europe also expanded, with 16 percent growth in Ukraine, 11 percent growth in Hungary and 19 percent growth in Slovenia, the company said.

Skoda is the Czech Republic's second-largest company by revenue. Its exports make up roughly 7 percent of the country's total exports. Cars and car parts are the biggest export and a key driver of economic growth.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20101209/ANE/312099976/1198#ixzz17d8TNWaI

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