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

Article by Christian A., 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:

Comments

Recommended

In 2014, Jaguar Land Rover’s Special Vehicle Operations revealed the F-Type Project 7. At that time, it was said to be the fastest accelerating road car carrying a 5.0-liter Supercharged...
by - May 29, 2017
There is an ongoing rumor going around the automotive community, and it’s aimed at BMW. The rumor? The German marque has reportedly axed the i5 Electric vehicle concept. These supposed...
by - May 29, 2017
Volkswagen's yearly Worthersee affair that happens in Austria is considered a hotbed for all types of cars from the German company's long and renowned history. Most of the gathering features...
by - May 29, 2017
Behold, the Rolls-Royce Sweptail! The Sweptail is probably the biggest two-seater car that has ever been built. It may look odd at first glance, and you may not be fond...
by - May 29, 2017
BMW just keeps on getting bigger and bigger, in terms of their lineup I mean. Just after unveiling the 8 Series Concept, they are now teasing us with an M8...
by - May 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries