Volkswagen appoints Neumann as China chief

SHANGHAI, May 28 (BestGrowthStock) – Volkswagen AG (VOWG.DE: ) said on
Friday that Karl-Thomas Neumann, an electronics specialist, will
take the helm of its China operations effective Sept. 1,
replacing industry veteran Winfried Vahland.

Neumann, 49, will become president of Volkswagen’s China
operations, replacing 53-year-old Vahland, who will become
chairman of the European carmaker’s Skoda subsidiary, it said in
a statement.

In April, Volkswagen said it would increase its 4.4 billion
euro ($4.94 billion) investment programme in China by another 1.6
billion euros, building two greenfield manufacturing facilities
in the country.

China, which eclipsed the United States as the world’s top
auto market last year, has been a major bright spot amid a global
industry downturn and a safe haven for foreign auto giants, which
have been rushing to expand local capacity in order to gain
market share.

Mainland China and Hong Kong comprise Volkswagen’s
second-largest market, where it sold 1.4 million cars in 2009, up
37 percent from a year earlier. [ID:nBJD003389]

Sales of rival General Motors [GM.UL] in China jumped 67
percent to 1.83 million units in 2009, but relatively inexpensive
mini vans and pickup trucks, made at one of its local ventures,
account for more than half of GM’s total tally. [ID:nLDE60306S]

Stock Market Report

(Reporting by Fang Yan and Jason Subler; Editing by Edmund
Klamann)

Volkswagen appoints Neumann as China chief