Bernd Pischetsrieder, Chairman of the Board of Management of Volkswagen AG, has been elected President of the European Automobile Manufacturers Association for the year 2004.

“It is a pleasure and an honour to be the next ACEA President”, said Pischetsrieder. “Next year will be a cornerstone in the history of the European Union, thanks to the accession of ten new Member States, the completion of the reform process of the EU institutions and the incumbency of a new Parliament and a new Commission. I am hopeful that 2004 will also be marked by the improvement of the economic environment and that Europe will enter again in a period of stable growth.”

Bernd Pischetsrieder joined the Volkswagen group in 2000 and was appointed Chairman of the Board of Management of Volkswagen AG in 2002. Mr. Pischetsrieder has already served as ACEA President once, in 1998, when he was BMW's CEO.