Last year saw the Czech manufacturer sell over 762,000 vehicles sold, while sales revenue was up 22.4% to €8.692 billion and operating profit more than doubled to €447 million.

In the first two months of the 2011, worldwide sales for the brand increased by 25% to over 132,000 vehicles, compared to last year.

Skoda has said that it expects to continue its growth course this year and will increase production at its manufacturing locations in the Czech Republic as well as outside of Europe. The goal is to double sales to at least 1.5 million units by 2018, with strong growth targeted for emerging countries such as China, Russia and India.

In addition, the carmaker will venture into new market segments with models such as its new "City Car" and a compact hatchback, which will be launched next year and will be positioned between the Fabia and Octavia models.

Skoda board chairman Winfried Vahland said: 'We do not want to be satisfied with what we have achieved and we will shift into a higher gear. Škoda has great potential and is on the verge of a growth spurt. That applies equally to our activities in the markets and to the expansion of the model range.'