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December 20, 2007

MALAYSIA/AUTOMOTIVE INDUSTRY
Volkswagen to remodel wholesale operations

Volkswagen AG is reviewing its business strategy, which will result in remodeling of the group's wholesale operations in Malaysia after the initial plan for the German car maker to become a strategic stakeholder in Proton Holdings Bhd did not take off

"Following the recent developments in the Proton-Volkswagen discussions and the Malaysian Government's announcement, Volkswagen is currently reviewing its business strategy for Malaysia," the group said in a statement.

Volkswagen said the natural expected outcome of this review would be the possible remodeling of the group's wholesale operations over the next few months.

To this effect, Volkswagen has approached the government for advice with regard to the future business operations of the group in Malaysia.

"Volkswagen considers the government's counsel on this matter to be of utmost importance and value in ensuring the well-being of all Volkswagen local stakeholders, especially its customers," the group said.

"Volkswagen continues to believe in the potential of Malaysia's automotive industry as well as the country's continuously growing importance and influence in the region," it added.

During this period of remodelling, customers will continue to experience high level of service, Volkswagen said.

All authorised dealers can also expect to continue enjoying the full support via Volkswagen Group Malaysia Sdn Bhd, it said.

The Volkswagen group with its headquarters in Wolfsburg is one of the world's leading automobile manufacturers and the largest carmaker in Europe.

The group has delivered 5.14 million vehicles in 2007 to its customers throughout the world, thus setting a new sales record for the period.

Group sales from January-October 2007 in Europe rose by three percent to 3.02 million vehicles, of which 2.61 million units went to Western Europe.

Volkswagen delivered 875,000 vehicles in the Asian-Pacific region, which was 25.7 percent more than in the first 10 months of last year. Of the number, 758,000 vehicles were sold to customers in China, which was 30 percent more than last year.

The group's pre-tax profit increased by 3.8 billion euros in the first three quarters to 4.7 billion euros. Profit after tax more than doubled to 2.9 billion euros.


Courtesy Bernama

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