Volkswagen Says Nien To Pickup For German Market

BERLIN -(December 10, 2003; Dow Jones reported that the German auto market still hasn't entered a period of recovery despite the hopes invested in the Frankfurt Auto Show in September, Bernd Pischetrieder, chief executive of Volkswagen AG , said Wednesday, news agency VWD reported.

Pischetsrieder told employees at a workers council meeting that the lift that it was hoped the Frankfurt Auto Show would bring didn't materialize.

He said Western Europe and South America have proven to be difficult market, while the North American car market remains dominated by high sales incentives.

However, he said the Asia-Pacific market has progressed, with a double-digit sales growth in China.

Volkswagen, Europe's largest car manufacturer, has watched sales and profits plunge this year as Europeans balk at buying new cars amid economic uncertainty.

Volkswagen is now hoping that new models, including a new version of its top- selling Golf, which was launched in late October, will spark a recovery in its fortunes.

Pischetsrieder said the company plans to continue its new-model offesive in the coming years by rolling out about 40 new versions between 2004 and 2008.

This year, the company launched the Touran compact minivan, Touareg sport utility vehicle, as well as the Golf.

Company web site: http://www.volkswagen.com