Volkswagen profits jump 35% in Q2

Volkswagen AG, Europe's largest automaker, said that its second-quarter profit rose 35 percent on sales of the Tiguan compact sport-utility vehicle and new car models, AP reported. Net income increased to $2.58 billion from $1.93 billion a year earlier, the Wolfsburg, Germany- based carmaker said in a statement. Sales advanced 4.5 percent to $46.6 billion. The second-quarter net gain is higher than the 26 percent first-quarter jump even as high oil prices crimp U.S. and European demand, Volkswagen said. The German company plans to build a plant in Chattanooga, Tennessee, manufacturing in the U.S. for the first time since 1988 as it seeks to end five years of losses in the world's largest car market. Volkswagen also opened a plant in Russia in November to tap into that country's oil-rich... [read full story]