Skoda Has Strong Financial Year in 2011

Skoda has posted a strong financial result for 2011. In fact, it was the best fiscal year it has had in its history. Deliveries were up 15.3% and profit was up 66.1%. It now holds a 1.4% share of the world automotive market. 

Skoda sold 879,200 cars in 2011 for total sales of €10.3 billion. It is the first time ever the brand has sold more than €10 billion in product and represents an 18.1% increase over last year. Profit was up to €743 million, a 66.1% increase over 2010. The brand's biggest sellers were the Octavia and Fabia. 

The brand's strongest growth came from Eastern Europe, especially Russia. Eastern European sales were up 47%, while Russian sales were up 62.5%. Asia was also strong with sales up 50% overall. Skoda's sales in Western Europe grew by 8.6%, which is impressive when you consider the Western European market shrunk by 1.5% last year. 

Skoda has already shown a strong year for 2012 with sales up 11.6% over the last two months. It desires to sell 1.5 million cars a year by 2018. It plans to add a new, compact sedan by the end of the year.