By Leftlane Staff
Tuesday, Nov 15th, 2005 @ 10:09 am

In a speech yesterday in London, Porsche head Wendelin Wiedeking hit back at critics, according to Reuters. Speaking at the Autocar Awards, where he received the award for Outstanding Achievement, he joked that the award must have been decided before the announcement that Porsche had bought a major shareholding in Volkswagen . He was adamant that the tie up made sense for both companies as it permitted long-term strategic planning. He said that the criticism in the British financial press was a result of hedge funds, “based just down the road from here” being disappointed that they could not buy VW and make a quick buck. Wiedeking also said that given that Audi , BMW and Mercedes will all be over a million cars a year by 2008, there is no reason why Porsche could not grow past 100,000 units a year and keep its exclusivity.

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