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

Porsche CEO Wendelin Wiedeking was not at the launch of the 2010 Porsche Panamera at the 2009 Shanghai Motor Show. According to Abendzeitung daily newspaper, Wiedeking was absent because of an agreement between Wolfgang Porsche and his cousin, Volkswagen Chairman Fedinand Piech, that Wiedeking should be replaced by Volkswagen CEO Martin Winterkorn.

Today, Porsche and Volkswagen denied reports that Wiedeking would be fired or that Winterkorn would take his place.

“That is total nonsense,” a spokesman quoted Wolfgang Porsche. Volkswagen rejected speculation that there is any power struggling between it and its controlling shareholder, Porsche.

Porsche said that Wiedeking missed the Panamera launch since he was ill.

- By: Omar Rana

Source: Reuters (via Automotive News)

Volkswagen’s CEO Martin Winterkorn said that while the current wave of consumer interest in environmentally friendly cars will last, electric-cars will not dominate auto dealerships anytiem soon.

“Electric mobility does have a place in the long-term future,” Winterkorn told Automotive News Europe. However, he said that safe and affordable electric-vehicles for daily use are “very far away.”

“We’re concerned with the best solution, not the fastest solution,” Winterkorn said.

The V-dub CEO said that combustion engines will remain the main powerplant for passenger vehicles for at least 15 to 20 years. He said that Volkswagen will continue to focus on the “further optimization of the combustion engine.”

It’s no surprise that automotive CEOs make millions. Some get outstanding bonuses and drop it in their bank accounts at the end of the day while others, like Volkswagen executives, donate a percent of their earnings to charity.

Volkswagen has announced that CEO Martin Winterkorn along with four other members of the Board of Management of Volkswagen AG will donate about 10 percent of their personal income from stock options to benefit the civic foundation Bürgerstiftung Wolfsburg.

Together the group of five made about $32 million in 2008 and will donate $3.2 million to the charity.

“Our goal is to support, encourage and educate children in Wolfsburg and the surrounding region,” said Dr. Neumann, member of the Board of Management with responsibility for Human Resources.