VW not hurt by credit crisis; no pressure on MAN
HAMBURG, Germany, April 24 (Reuters) - Volkswagen (VOWG.DE) reaffirmed on Thursday it did not expect to be hurt by the ongoing turbulence in credit markets nor did it feel it was under any time pressure to further expand into the heavy trucks industry.
"We don't expect these (market uncertainties) to directly affect our business activities, not even in our Financial Services division," VW Chief Financial Officer Hans Dieter Poetsch said in comments prepared for its annual meeting.
He added that high cash surpluses at its automotive division as well as a broader equity base allowed Europe's biggest carmaker to limit these external influences.
Chief Executive Martin Winterkorn, who had announced early in March that VW had struck a deal to acquire the majority of votes in Swedish truckmaker Scania (SCVb.ST), said his company would play an increasingly important role in this industry.
"Going forward, the Volkswagen Group will be a commanding force in the business with heavy trucks and buses. We are taking the long view here," he said.
"Our investments in MAN (MANG.DE) and Scania are highly profitable. In this respect, we do not currently see any pressure to act."
Despite a painful euro-dollar exchange rate and persistently high commodity and energy prices, Winterkorn reiterated the group's improved efficiency would allow it to surpass last year's record figures for vehicle sales, revenue and operating profit.
(Reporting by Christiaan Hetzner)
