Vw expects 2012 to be much tougher, says CEO Martin Winterkorn

Article by Christian Andrei, on November 22, 2011

The CEO of Volkswagen AG, Martin Winterkorn, said that 2012 will be a “harder” year for the business with the European debt crisis crimping the demand for vehicles. In last Monday’s interview with German daily Handelsblatt, Winterkorn said that there’s no doubt in his mind that the situation will be significantly tougher next year, mostly in Europe and especially in countries like Italy and Spain that are heavily indebted. He also said that the region's market will be narrower next year.

In the interview, Winterkorn reiterated that VW continues to refuse to sell VW's stake in Suzuki, which has been calling on VW to end the alliance.

He said that he was prepared to stick it out until Suzuki’s management is replaced. Last Friday, Suzuki and VW appeared to be headed to arbitration after VW refused yet again to sell back its 20% stake to Suzuki.

The two companies have been feuding ever since VW’s 2010 annual report was released in March. VW had referred to Suzuki as an “associate.”

Their partnership was also affected by a claim by Chairman Osamu Suzuki that VW disparaged his company's honor by asserting that it had breached the 2009 contract by purchasing Fiat S.p.A.’s engines. [source: Reuters]

Topics: vw, ceo

If you liked the article, share on:


Login or Create new account to add a comment!


Starting early 2017, the new Audi Q7 will be available with the new 2.0-liter TFSI four-cylinder engine that makes it not only faster but also lighter and more efficient than...
by - October 25, 2016
Soon, Fiat Chrysler’s Dodge brand will be ending the production of the Dodge Viper. So practically, the 2017 Dodge Viper will be the last Viper up for grabs. Gerry Wood...
by - October 25, 2016
Say hello to the fastest accelerating production car in the world: the new 2017 Tesla Model S P100D. Powered by a 100 kWh battery, this new model basically outruns almost...
by - October 25, 2016
Ever heard of the “Lynk & Co” automotive brand? Well, it is highly likely people haven’t. This is practically because this is new brand created by the joint venture between...
by - October 25, 2016
Mitsubishi is now officially part of the Renault-Nissan alliance after Nissan took over the Japanese car company recently. We know a lot has been happening in the car industry, but...
by - October 24, 2016