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Business Briefs

February 13, 2003

Volkswagen sales climb in China, layoffs planned for Germany's soft aerospace sector, German exports to U.S. dip and more.

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An evolving relationship: The Chinese and Volkswagen.Image: AP

Volkswagen Sales In Asia Climb

Volkswagen boosted its sales in Asia by 35 percent last year, the automaker announced on Thursday. The company's sales in China, its most importart market after Europe, rose even higher, by nearly 43 percent to 513,000. In China, the company aims to sell more than 1 million cars each year in 2007. Throughout Asia, Volkswagen sold 620,000 vehicles last year.

Layoffs Expected in German Aerospace Sector

The German aerospace industry is preparing to layoff up
to 4,000 this year as it struggles to come to grips with a prolonged decline in demand. Industry heads on Thursday said they are forecasting a steep fall in sales for 2003. Even European flagship aircraft maker Airbus has proven unable to escape the global slowdown. Although Airbus is currently hauling in more orders than it's main competitor, America's Boeing, it still only delivered 303 aircraft in 2002. Germany's aerospace industry association announced Thursday that the sector as a whole isn't looking too good either. In 2002, overall sales fell almost 8 percent, down to €15.3 billion ($16.6 billion).

Oil Supply In EU Called Sufficient

With war against Iraq looming, the European Commission announced on Thursday that each country of the 15-member union had, on average, enough oil to last for 114 days. "The commission thinks that there is at the moment no danger that the supply will be interrupted," a commission spokesman, Gilles Gantelet, said in Brussels.

German Exports To U.S. Drop

German exports to the United States dropped by 15 percent in the first three-quarters of 2002, and many companies are reporting further drop-offs in recent weeks. According to the German Chambers of Industry and Commerce, the drop is unrelated to geo-political tensions. But some analysts fear a war in Iraq could disrupt German exports to the all-important American market even more.

Tiremaker Continental Posts Record Profit

German tire and car parts-maker Continental reported record revenues and profits on Thursday. For the second year in a row, the company said it would report record earnings, even greater than 1999 profits of €607 million ($658.5 million). Revenues for 2002, the company said, are expected to surpass a 2001 record of €11.2 billion.