Volkswagen AG (VOW) Chairman Ferdinand Piech said the company’s Seat unit is “heading in the right direction” and that investors should wait for a resolution to the German company’s dispute with Suzuki Motor Corp. (7269)
Asked why VW is keeping its stake in Suzuki, Piech told reporters to “wait and see” and that it’s a “company secret.” Seat, the Wolfsburg, Germany-based company’s Spanish unit, has suffered from plunging sales amid the debt crisis, raising questions about its future.
Piech said he sees “no” competitors as a serious threat to the German automaker and that its greatest challenge is “arrogance in the company’s ranks.”
Piech and other VW executives were speaking at the introduction of the new Golf model in Berlin. The company announced a base price for the model of 16,975 euros ($21,329).
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