Wolfsburg, Germany (dpa) – Europe's biggest carmaker, Volkswagen, is “making steady progress on our way to pole position in the automotive industry,” chairman Martin Winterkorn told the group's annual press conference in Wolfsburg on Monday. Noting record sales, revenue and earnings for 2011, Winterkorn pointed to a “string of unbroken successes in 2011,” with more than 8 million units sold for the first time. The group's medium-term strategy was working and VW was on track with its intention to be at the top of the sector, he said, referring to the aim to topple General Motors from its perch. Winterkorn said he would continue to push for overcoming the legal and financial obstacles to the full integration of Porsche into the VW group. “It will come,” he said, although hurdles remained. All involved were working to incorporate the Stuttgart-based sports car maker “under economically sensible conditions.” Chief financial officer Hans Dieter Poetsch said the group had increased profitability and demonstrated its financial robustness. Winterkorn also welcomed the planned appointment of Ursula Piech to VW's supervisory board. Piech, who will be proposed to shareholders at the April 19 annual general meeting, is the wife of Ferdinand Piech, who is chairman of the supervisory board. “Mrs Piech is a woman I have known for years and who is an extremely competent person with an entrepreneurial mind,” he said. Poetsch also welcomed the planned move. The Piech family and Porsche are VW's largest shareholders. VW's eight-member management board received total remuneration of more than 70 million euros (92 million dollars), almost twice the 37 million euros paid out last year. Workers at VW's six plants in western Germany are to receive a bonus of 7,500 euros, almost twice what they got last year. In results announced on February 24, VW said net profit had jumped to 15.4 billion euros from 6.8 billion euros in the previous year. Sales hit a record 8.3 million vehicles with group revenue rising 26 per cent to 159.3 billion euros, the world's second biggest carmaker said. BM ShortURL: http://goo.gl/2k5ht Tags: Autos, Car, Porsche, VW Section: Business, Europe, Latest News
