VW reveals plans to topple GM and Toyota

The global economic crisis has taken its toll on virtually every major carmaker around the globe but the effects have varied significantly between firms. General Motors’ financial predicament has been well documented, with the ailing Detroit carmaker teetering on the edge of bankruptcy.

Toyota, too, has been hit hard by the crisis, with the usually unstoppable Japanese carmaker expecting its first loss this year after nearly seven decades of profit. Toyota announced last month that it has forecast a $4.95 billion loss for the past year – down from an $18.9 billion net profit the previous year.

Volkswagen, on the other hand, posted a record net profit of $6 billion for the past year, and is still expecting to be profitable in 2009 despite analysts predicting the year to be one of the worst on record for the auto industry.

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1. BMW profit drops 89%
2. Audi posts record profit for 2008, pays each worker €5,300 bonus
3. Chrysler cost Daimler $1.75 billion in 2008
4. GM auditors have ’substantial doubt’ about the company’s survival
5. Porsche sales fall sharply, profits still expected to rise

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