Winterkorn's extended contract will see him complete the merger with Porsche

Volkswagen chief executive Martin Winterkorn has had his contract extended until 2016.

The unanimously backed decision by the board will see him complete the company’s merger with Porsche and help the firm achieve its aim of selling 10 million units per year as a group to surpass Toyota as the world's largest car maker.

Winterkorn, who previously headed Audi, was appointed VW chief executive at the beginning of 2007 with a contract until the end of 2011.

As well as the Porsche merger plans, Winterkorn also plans to increase sales in China to two million cars, with £5.1bn assigned for investment there.

Late last year VW confirmed plans to invest 51.6 billion euros (£44bn) in its automotive division over the next five years, including a total of 27.7bn euros earmarked for “new vehicles, successor models and derivatives in almost all vehicle classes based on modular technology”.

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