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Volkswagen and Toshiba Sign Letter of Intent

Feb 12, 2009

Volkswagen AG (Wolfsburg) and the Toshiba Corporation (Tokyo) have signed today a letter of intent in Wolfsburg. The objective is a cooperation for the development of electric drive units and the accompanying power electronics for Volkswagen's planned New Small Family. Furthermore, Volkswagen and Toshiba are planning the development of battery systems with a high specific energy density for the next generation of electric vehicles.

The chairman of the board of management at Volkswagen AG, Prof. Dr Martin Winterkorn, emphasised: `Volkswagen is forging ahead with the development of future drive technologies in many different areas. In order to strengthen our position further, Volkswagen is investing in the long term and is offering cooperation projects to other companies. One of the important components in this context is the cooperation with Toshiba. I am convinced that this will be a major step forwards towards the development of series production electric vehicles for our customers.'

Volkswagen's objective, he said, is to be the first manufacturer to provide an emissions-free, affordable and safe large-scale production electric vehicle. `A considerable amount of research and development work still has to be carried out until we can produce the electric vehicle, in the field of lithium-ion battery technology in particular and this is an area in which the Volkswagen Group is working with further potential technological partners alongside Toshiba,' stated Prof. Dr Winterkorn.

The letter of intent was signed by Prof. Dr Winterkorn and Atsutoshi Nishida, president and chief executive officer of the Toshiba Corporation. Nishida said: `We look forward to building up a mutually beneficial partnership with Volkswagen, a clear leader in the automotive industry, making strong initiatives in the development of environmentally-friendly cars. The combined know-how of the two international technology groups Volkswagen and Toshiba will be an important step towards the drive technologies of tomorrow.' He continued that this is a good signal for mobility based on ecology and economy.

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