November 20, 2006
Volkswagen appoints new Chairman of the Board of Management, approves new production facility in India
Wolfsburg, Germany – The Supervisory Board of Volkswagen AG has agreed to appoint Prof. Dr. Martin Winterkorn as Chairman of the Board of Management, effective January 1, 2007. The Board also resolved that Dr. Bernd Pischetsrieder will leave the Board of Management, effective December 31, 2006.
Dr. Pischetsrieder will continue to work for the Volkswagen Group, and will assume functions in the interests of the Group; the Supervisory Board will decide at a later date on a successor to Dr. Winterkorn, in his present function as Chairman of the Board of Management of Audi AG.
At its meeting on Friday, the board also discussed the Group’s current financial and capital expenditures, and has announced that Volkswagen will be investing 24.7 billion Euros in the Automotive Division in the next three years. In addition, the board approved plans to build a production plant in Pune, India; the new plant will employ around 2,500 people and will start production of a small passenger car in the second half of 2009. According to the company, India is one of the fastest-growing automotive markets worldwide, but high import duties mean that any meaningful market presence can only be achieved through domestic production facilities.