Volkswagen CEO Martin Winterkorn is paranoid of Hyundai and Kia, and rightfully so. The two South Korean automakers are poised to finish 2010 with a 4% gain in European sales, while VW Group’s volume is likely to drop by the same amount.
Hyundai and Kia also expect to see that figure rise another 10% this year, on the backs of 12 new or updated models, as well as rising demand in the emerging Chinese market as well as others.
Winterkorn, who is on a mission to make VW the world’s leading auto manufacturer, has indicated in the past his view of Hyundai-Kia as a dangerous competitor, in light if its increasing value and quality.
– By: Stephen Calogera
Source: Automotive News