Volkswagen CEO: Porsche and VW could become the center of power of the auto industry

Well, it seems like Volkswagen and Porsche have worked out their differences. What seemed to be a forced relationship on Porsche’s side by taking majority share in Volkswagen, V-dub CEO Martin Winterkorn is now hailing cooperation between the two companies.

“Our integration has come a long way in the last few months and I am sure that we will be able to drive our partnership forward in 2009, a difficult year for the auto sector,” he said told Volkswagen shareholders at an annual meeting.

Winterkorn said that he sees both becoming the “center of power for the international automobile industry.”

Porsche owns nearly 51 percent of Volkswagen’s voting shares and plan on increasing its stake to 75 percent later this year.

– By: Omar Rana

Source: Reuters