VW posts strong Q1

Volkswagen announced on Wednesday that its sales and profits increased sharply during the first quarter of 2008. VW -- Europe's largest automaker by volume -- earned $1.5 billion during the first three months of the year, up from $1.1 billion during the same time period a year before.

According to The Detroit News, VW's operating profits also saw significant gains, jumping 21 percent to $2 billion.

Overall, the VW group -- which includes VW, Audi, Lamborghini, Bentley, Bugatti, Seat and Skoda -- saw worldwide sales increase 6.9 percent, totaling 1.6 million vehicles. A breakdown by brand is expected to be released on April 30.

Volkswagen said earlier this week that it expects April sales to be up by 7 percent.

As with most automakers, VW is seeing the largest gains in Asia, Europe and South America.