Volkswagen on Track to Overtake Toyota, CEO Says
The German company beat Toyota's full-year profit goal in the first nine months.
Volkswagen's nine-month profit rose fivefold to €3.78 billion ($5.23 billion). Toyota is aiming for profit of 340 billion yen ($4.16 billion) for the fiscal year ending in March.
Winterkorn has previously said that Volkswagen plans to surpass Toyota as the world's top automaker in sales and profitably by 2018. With strong sales growth in China, the company could beat that target.
"VW is closing in on Toyota on profitability targets," Tim Schuldt, an analyst at Equinet told Bloomberg News. "What matters now is to keep expanding the product portfolio to underpin the positive trend on deliveries."
Volkswagen expects 2010 global sales to be "clearly" higher than last year's record of 6.29 million cars and SUVs.