FRANKFURT--Volkswagen AG's (VOW.XE) premium brand Audi said Tuesday it expects further sales growth in the coming years after exceeding internal targets for 2012.
"We intend to continue our growth in 2013 and with two new plants this year, we will create the right conditions" to do so, said Audi Chief Executive Rupert Stadler.
Audi's operating profit rose to 5.38 billion euros ($7 billion) in 2012 from EUR5.35 billion a year prior. After-tax profit, however, fell to EUR4.35 billion from EUR4.39 billion, due to higher costs, it said. That accounts for about one-fifth of VW Group's net profit. The luxury car maker's figures are consolidated as part of Volkswagen's, which reported last month.
Operating margin was 11%, and the company expects that figure to be at the upper end of its target 8%-10% range in the coming two years.
Audi continues to chase BMW AG's (BMW.XE) coveted spot as the world's bestselling premium car brand. Audi overtook Daimler AG's (DAI.XE) Mercedes-Benz for second place in 2011.
Audi last month said it plans to produce an additional 7,500 cars in the first quarter of 2013 to meet strong demand, and may consider extra shifts in the second quarter.
Revenue rose in 2012 to EUR48.8 billion from EUR44.1 billion in 2011, and Audi said it expects modest revenue growth in the coming two years.
"In the coming two years, we are preparing to make the step towards selling two million cars annually," Mr. Stadler said. Vehicle sales totaled approximately 1.45 million units in 2012.
In the medium term, Audi plans to invest around EUR11 billion, including the expansion of production capacity. The company plans to add about 1,500 new hires and 700 apprenticeships in Germany alone.
In February, VW reported its 2012 net profit rose to EUR21.72 billion from EUR15.41 billion in 2011 as strong sales in China and North America, the world's two biggest auto markets, offset shrinking demand in Europe.
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