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VW: CEO's contract extended

By SYF77 on 12 Jan 2011

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German automaker Volkswagen AG has extended CEO Martin Winterkorn's contract for another five years. Winterkorn's current contract is to be ended on December 31st, 2011 but it is now extended until the end of 2016.

The fact that the announcement has been made so early signals a vote of confidence in Winterkorn's leadership of the VW Group. Winterkorn, 63, is tasked with executing Volkswagen's strategic plan to become the world's top automaker in volume sales by 2018, and knocking off Toyota from its throne in the process.

In addition to sales figure, Winterkorn announced earlier that he plans to double VWs production in Chinas market, which is considered the biggest auto-market in the world, along with opening a new factory in the U.S. aiming to surpass Toyotas Profitability by 2018.

VW sold more than 7 million units globally for the first time in 2010. It's goal is to sell more than 10 million vehicles a year by 2018. The setting up of an assembly plant with partner company DRB Hicom in Malaysia is part its master plan to achieve this goal.

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Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.

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