Volkswagen to Buy Remaining 50.1% Porsche Stake for £3.58 Billion
Volkswagen to Buy Remaining 50.1% Porsche Stake for £3.58 Billion.

According to a report in the Financial Times, Volkswagen Chief Executive Martin Winterkorn has announced profits of approximately €11.3bn for 2011.

Meanwhile, his own pay reportedly increased from €9.3m to €17.5m; he is now one of Germany's highest-earning chief executives. The package reportedly consisted of €1.9m fixed payments and a €11m bonus, as well as contributions from a long-term incentive plan.

In total, VW paid out €70m to executives, compared with €36m in the previous year.

According to the Economic Times, Volkswagen sold nearly 8.3 million vehicles last year, a 14.7 percent rise from the previous year's figure of 7.2 million. This is the first time the company has crossed 8 million in sales. The company expects deliveries to increase in 2012, as also revenues.

The year has reportedly begun well for VW, with sales up 7.7 percent in the first two months of the year; the actual figure is 1.3 million units, according to Financial Times.

"Our goal of 10m vehicles is within sight. We are making steady progress on our way to pole position in the automotive industry." Mr Winterkorn was quoted as saying by the Financial Times.

Volkswagen is getting ready to enter into a deal with Porsche this year.