VW adds 5 more years to contract of CEO Martin Winterkorn to overtake Toyota

The contract of Volkswagen AG's CEO, 63-year-old Martin Winterkorn, was extended by five years as he seeks to complete a merger with Porsche Automobil Holding SE and outdo Toyota Motor Corp. to take its place as the world's largest carmaker. VW recently said in a statement that the company's supervisory board unanimously backed Winterkorn's appointment through 2016.
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Willis - 1/5/2011 11:35:50 AM

+1 Boost

"The Chinese barely know what a car is They've been buying cars for 10 years?"

You know, that comment borders on racism and ethnic discrimination. I'm dead serious.

As usual, you know NOTHING about cars. VW has been present in the Chinese market since 1978 and has lots of time to adjust to the market needs etc.

Oh, and even your precious Lexus has had to adjust to the Chinese market. They sell a Lexus Camry, excuse me, a Lexus ES with a 2.4-l 4-cylinder engine there for example.

Dustbuster - 1/5/2011 1:51:50 PM

+2 Boost

By that same token, the Europeans also don't know about cars as VW AG outsells anyone there. And they've "only" bought cars since the invention of the automobile. Thank goodness we Americans know everything!

800over - 1/5/2011 4:42:49 PM

+2 Boost

Willis: Would you not agree that the average Chinese citizen has no idea about the car market in general? Would you not agree that the average Chinese citizen has not had enough experience with cars to make decisions based on reliability/quality/driveability?

There are about 170 million cars on the road in China (with a large portion from the last 5 years)

http://wiki.answers.com/Q/How_many_cars_are_on_the_road_in_China_today

There are 1.3 BILLION+ people in China. The majority of Chinese citizens have no experience with cars. (millions have never been in one, let alone driven one!!!!!!)

mini22 - 1/5/2011 7:26:58 PM

0 Boost

Getting back to VW they dont exactly have the best reputation for reliability. In the drive to be number one I think it is a bit short sighted of them. Trying to be be the biggest can have it's pitfalls(as in Toyota). I think VAG would be better served in improving reliability and sales in certain markets rather then an all out rush to be #1. Is it worth the potential warranty problems to be # 1? I don't think so.Take the US. VAG should work to improve sales through correct product,good quality and decent reliability.Further they need excellent dealer service.If they do that sales will improve.