Volkswagen Aims To Sell 10 Million Cars By 2018

German carmaker said Tuesday it hopes to sell eight million cars yearly in the medium-term and more than 10 million annually by 2018.

FRANKFURT (AP) -- German carmaker Volkswagen AG said Tuesday it hopes to sell eight million cars yearly in the medium-term and more than 10 million annually by 2018.

In 2008, the company sold 6.3 million cars.

"With the implementation of 'Strategy 2018', the Volkswagen Group is seeking global economic and environmental leadership in the automotive industry by 2018," VW said in a short market regulatory filing.

VW, based in Wolfsburg, said its plan entails "further significant cost cutting," in part through more use of a modular design principle, though it didn't provide more details.

Additionally, Volkswagen said the group will press ahead with its diversified research and development into environmentally friendly drivetrains while it will continue operating with strict investment and capital discipline.

VW laid out other targets for the coming years including return on investment for the automotive business.

VW said it hopes to have ROI at the cars division of over 16 percent in 2018. In 2008, ROI after tax at the cars business was nearly 11 percent.

Volkswagen is Europe's largest automotive group by sales with brands including Audi, Seat and Skoda. It is also a major shareholder of two of Europe's largest truckmakers, MAN SE of Germany and Scania AB of Sweden.

Shares of VW were about a fifth of a percent lower at euro65.75 ($91.39) in Frankfurt afternoon trading.

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