Speaking to 18,000 employees during a works meeting at the Wolfsburg plant on Tuesday, Dr Arno Antlitz, Volkswagen brand board member for accounting and controlling, said: ‘Our broad international presence is a key competitive advantage at times like these. We are expanding this strength further.’

Dr Antlitz attributed the company’s achievements in part to the company’s long-term strategy, product range and sound finances and said that Volkswagen could act from a position of strength.

‘We are able to invest record sums in our future projects in spite of the crisis,’ Dr Antlitz added.

He added that Volkswagen remained committed to its investment programme: ‘That is what strengthens our competitiveness and lays the foundations for taking Volkswagen to the top.’

However, he said that Volkswagen was not immune to the crisis in Europe.

‘We need solid earning power and a competitive cost position,’ Antlitz commented, adding that there was therefore a need for further belt-tightening over the coming months at all levels, in all departments, in all regions and at all plants – but ‘without jeopardising the market success of our vehicles’.

He affirmed that work on internal processes and structures would still continue.

His comments follow a report in German magazine Manager Magazin that referred to company sources who had allegedly reported a warning from Volkswagen's chief financial officer Hans Dieter Poetsch that the company might fall short of its targets.

Last week (19th September), Volkswagen Group said in response: '

The speculation in the latest Manager Magazin article is without any foundation. The suggested impression that Volkswagen does not stick to its targets any more is wrong. Volkswagen Aktiengesellschaft remains fully committed to its statements on the future business development of the group.'