InfoAnda - VW reveals race to overtake GM, Toyota

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: VW reveals race to overtake GM, Toyota AFP - Friday, March 13 WOLFSBURG, Germany (AFP) - - Volkswagen is accelerating on record profits to overtake loss-stricken giant General Motors (GM) and Japanese Toyota within nine years, its management revealed boldly on Thursday. ADVERTISEMENT The German giant, the biggest auto maker in Europe, is putting its foot down in the fast lane with the intention of becoming the biggest auto group in the world by 2018. The gap is big, but the fuel tank of profits is powerful. "I see Volkswagen in pole position ... after the crisis," chief executive Martin Winterkorn told a press conference here in the north of Germany. "We are staying in the fast lane and the fuel tank is well topped up." Volkswagen (VW) is the third-biggest auto manufacturer in the world, selling 6.3 million vehicles last year. GM and Totoya each sold rather more than eight million. But GM is tottering close to bankruptcy despite huge US state aid, and Toyota expects to run up huge losses for its 2008-2009 year to the end of March. VW, by contrast, made a record net profit of 4.7 billion euros (6.0 billion dollars) in 2008, a disastrous year for leading auto groups in general, and it expects to make a an operating profit this year, albeit less than last year, finance director Hans Dieter Potsch said. Winterkorn warned, however, that business conditions this year would be "extremely difficult" and that sales would probably fall by about 10 percent. The group might even report a loss for the first quarter. Potsch said that the latest data pointed in that direction since sales for January and February had fallen by 15 percent from the equivalent figure last year to 809,200 vehicles. However, this was a smaller fall than that experienced by all sales by auto makers throughout the world which had contracted by 23 percent, VW said, lauding the performance of its small, and low-pollution cars, and the range of its models sold also under the brands of Skoda, Audi, Seat and Scania. Even the involvement of the regional state of Lower-Saxony with an interest of 20 percent, which has been the subject of controversy for being outdated, is no longer criticised at a time when many governments are rushing to shore up stricken industries, including vehicle makers. Winterkorn said that "many competitors envy us" because of our long-term shareholders in the form of the regional state and the auto maker Porsche, which holds more than 50 percent of the equity. However, this did not discourage the group from seeking state guarantees of up to 2.0 billion euros (2.56 billion dollars) from the federal government in Berlin for its VW bank. And it helps to explain why VW was cautious on Thursday towards the prickly case of Opel, the German and European arm of GM, which is a direct competitor of VW but is looking for German state help to survive. Potsch observed: "If there has to be aid, then (it should be) on a fair basis." Opel had to prove that it could be viable, he said. Winterkorn said that he expected to see a concentration in the global auto industry eventually. He forecast that one manufacturer would survive in Japan, one in China, "two or three in Europe" and one in the United States. And he was confident that Volkswagen would still be there in the fast lane, among the "winners" in the new "champions' league." Meawnwhile, the annual report published on Thursday showed that Winterkorn himself is in the fast lane: his total remuneration more than doubled last year to 12.7 million euros, owing largely to the exercise of options to buy shares. In 2007, he earned 5.1 million euros. Remunderation for the five members of the board was rather more than 45 million euros from 16 million euros in 2007. The stock options, granted at an advantageous price as a way of rewarding executives if success drives up the value of the business, have risen sharply. At one point toward the end of last year, Volkswagen shares rose above 1,000 euros per share, owing to heavy speculative trading when Porsche was manoeuvering to gain control of the group. The closing price of VW shares on Wednesday was above 210 euros. Email Story IM Story Printable View Blog This Recommend this article Average (2 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A red Volkswagen Golf (L) and a white VW Scirocco are retrieved by an automated palette from a storage tower near the company's main factory in the northern German city of Wolfsburg. Volkswagen is accelerating on record profits to overtake loss-stricken giant General Motors (GM) and Japanese Toyota within nine years, its management revealed boldly on Thursday. Most Popular – Top Stories Viewed For sale: nagging wife, very high maintenance Global airlines warn of stormy 2009 Chimp used planning skills to attack humans Space junk sparks crew scare on ISS German industrial slump stuns analysts View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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