Volkswagen Sales Increase 7.8% in May

Volkswagen (PINK:VLKAY) sold 763,800 vehicles in May. That was up 7.8% from 708,800 vehicles sold during May last year.

Last year Volkswagen surpassed Toyota to become the world’s second largest automobile manufacturer with sales of 8.3 million vehicles, Reuters noted.

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It plans to capture the top spot by 2018, boosting annual sales to 10 million vehicles.

The company attributed its sales growth to continued demand from the U.S., China and Eastern Europe.

Sales in Western Europe, currently in the middle a new economic crisis, have fallen 6.4% during the past five months.

Company officials expressed concern about “growing uncertainties in the euro zone.”

Earlier this week, Volkswagen’s luxury brand Audi reported record sales for May. The Audi sold 128,900 vehicles in May, an increase of 14% over last year. In just the first five months of 2012, Audi has sold 600,200 vehicles, up 12% from the same time in 2011.