Volkswagen on Track to Overtake Toyota, CEO Says

VolkswagenVolkswagen (VLKAY) CEO Martin Winterkorn said the company is on track to overtake Toyota Motor (TM) as the world's largest automaker.

The German company beat Toyota's full-year profit goal in the first nine months.

"The Volkswagen group continues to have its sights firmly set on capturing pole position in the automotive industry," Winterkorn said in an e-mailed statement, according to Bloomberg News. Volkswagen is "well-positioned to achieve the goals laid down" for 2018, he said.

Volkswagen's nine-month profit rose fivefold to €3.78 billion ($5.23 billion). Toyota is aiming for profit of 340 billion yen ($4.16 billion) for the fiscal year ending in March.

Winterkorn has previously said that Volkswagen plans to surpass Toyota as the world's top automaker in sales and profitably by 2018. With strong sales growth in China, the company could beat that target.

"VW is closing in on Toyota on profitability targets," Tim Schuldt, an analyst at Equinet told Bloomberg News. "What matters now is to keep expanding the product portfolio to underpin the positive trend on deliveries."

Volkswagen expects 2010 global sales to be "clearly" higher than last year's record of 6.29 million cars and SUVs.

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MSmailbox

Have you driven a Honda, lately?

November 04 2010 at 9:00 AM Report abuse rate up rate down Reply
MSmailbox

Fahr, fahr, fahr... auf die Autobahn!

November 04 2010 at 8:57 AM Report abuse rate up rate down Reply
Dan & Jen

My sister bought a convertible bug because she always liked the original bugs growing up and it was the biggest mistake she has ever made. It has had problems from the day she drove it off the show room floor that they have not been able to figure out until now they think they know what it is after her warranty is out and they have basically said tough luck she has to pay to have it fixed! I will never buy a volkswagon product after the way she has been treated.

November 03 2010 at 9:23 PM Report abuse +1 rate up rate down Reply
John and Bonnie

TOYOTAS SUCK,, PLAIN AND SIMPLE ALLWAYS HAVE ..PROB ALLWAYS WILL..My boss bought a new camry hybrid last year.. it has been in the shop more than my 10 yr old mustang with 177,000 miles on it has been since day 1..his wife has one too similar story....my neighbor bought a new toyota 2 yrs ago.. the second day he had it,it was on the back of a wrecker..had a blowout on front tire and it tore the entire strut tower off and ripped the axle out..THEY CALL THIS QUALITY?? His wife has a 17 yr old honda that rides better and runs quieter with over 200,000 miles on it..

November 03 2010 at 6:05 AM Report abuse rate up rate down Reply
1 reply to John and Bonnie's comment
John

A-MEN TO THAT JOHN AND BONNIE..i bought one for my kid cuz it was cheap.. 2 months later i gave it away.. it was just 4 yrs old.. and what a pile of junk..no wonder i got it so cheap...i ended up with an 89 plymout sundance..8 months now and never 1 problem and the sucker get 33 mpg.. unreal LOL.. i want one now too lol.. and did you ever notice that most of the IDIOTS on the road and what they are driving?? YUP most are in toyotas hahahahaha

November 03 2010 at 6:23 AM Report abuse +1 rate up rate down Reply
defensearms

Funny that everyone wants to beat Toyota, if they just stick in doing better vehicles instead looking at others shoulders would be more productive. VW made in Mexico and in Brazil are junk and the ones they will be building in TN in the new plant will not be any better either...German big Four, Mercedes, BMW, Porsche and VW are all building cars in countries with low labor rate (but they still cost an arm just to have their emblems), that was the big mistake....take the business out of Germany, the Germans had pride on their build and made the brands stand up by quality, not today....all about max the profit and screw the customers. Happy Toyota Trundra and Mercedes Bens SLK350 owner.....

November 03 2010 at 12:37 AM Report abuse -1 rate up rate down Reply
johnwstprt8

in mexico the EPA n OSHA doesn`t exist so they can pollute the atmosphere and ground plus pay cheaper labor for what profit n greed JETTAS arent earth friendly vehichles neither are they good for our economy

November 02 2010 at 7:38 PM Report abuse -3 rate up rate down Reply
johnwstprt8

in mexico the EPA n OSHA doesn`t exist so they can pollute the atmosphere and ground plus pay cheaper labor for what profit n greed JETTAS arent earth friendly vehichles neither are they good for our economy

November 02 2010 at 7:38 PM Report abuse -4 rate up rate down Reply
1 reply to johnwstprt8's comment
jpfltwd

Go Mexico! Screw green!

November 03 2010 at 11:40 AM Report abuse +2 rate up rate down Reply
thankgodikauai

most new vw's are pure garbage !!! Pure JUNK

November 02 2010 at 7:20 PM Report abuse -3 rate up rate down Reply
johnwstprt8

furthermore i do not hate german vehicles i just hate it when an import is made in another country with cheaper labor then pawned off to americans for profit

November 02 2010 at 7:16 PM Report abuse -6 rate up rate down Reply
2 replies to johnwstprt8's comment
thankgodikauai

it's called FREE Enterprise !!

November 02 2010 at 7:20 PM Report abuse -1 rate up rate down Reply
John and Bonnie

thats why they are called imports

November 03 2010 at 6:09 AM Report abuse +2 rate up rate down Reply
johnwstprt8

tooth did u ever work on one ? their made out of plastic when they get hit their junk....

November 02 2010 at 7:09 PM Report abuse -4 rate up rate down Reply