Volkswagen To Leave Toyota Behind (TM)
Martin Winterkorn, CEO of Volkswagen, said that 2 years back he was determined to make Volkswagen leave Toyota Motor Corp. (ADR) (NYSE: TM) behind to become the world's biggest automaker.
At the time, Volkswagen sold 3 million fewer vehicles than Toyota, was losing ground in the U.S., and had a reputation for iffy quality. Toyota still sells more cars each year, but Volkswagen has closed the gap to less than 1.5 million cars. Volkswagen has agreed to buy a 20% stake in Suzuki Motors to increase its share in the rapidly growing markets of Southeast Asia and India.
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Posted-In: Martin WinterkornNews Markets