Tokyo - Toyota Motor Corporation has decided to promote Vice President Akio Toyoda to become company president in June, Japanese media reports said Friday.

Japan's leading automaker hopes to pull the business out of its slump by appointing the first founding family member in 14 years to head the company, Jiji Press quoted sources as saying.

Beijing - Volkswagen AG, Europe's largest carmaker, on Friday reported record sales of just over one million vehicles in China last year, but the group still missed its annual sales target.

The German auto giant said it sold 1,024,008 vehicles in 2008, up 12.5 per cent from 2007, amid estimated vehicle sales growth of about 8 per cent in China.

"Throughout 2008 we have continuously improved our results," Winfried Vahland, president of Volkswagen Group China, said in a statement.

Beijing - Volkswagen AG, Europe's largest carmaker, on Friday reported record sales of just over one million vehicles in China last year, but the group still missed its annual sales target.

The German auto giant said it sold 1,024,008 vehicles in 2008, up 12.5 per cent from 2007, amid estimated vehicle sales growth of about 8 per cent in China.

"Throughout 2008 we have continuously improved our results," Winfried Vahland, president of Volkswagen Group China, said in a statement.

Seoul  - Cash-strapped South Korean automaker Ssangyong Motor applied for receivership in a Seoul court to avoid bankruptcy Friday, following a decision by its Chinese owner.

The decision to file for receivership was made at a meeting Thursday night by parent company Shanghai Automotive Industry to tackle Ssangyong's liquidity crisis, after the company was denied new bank loans two weeks ago, the sport utility vehicle (SUV) manufacturer said in a statement

German luxury carmaker, Audi India reported three-fold increase in its luxury cars sales in 2008, at a time when entire automobile sector is facing the heat of global slowdown. Audi sold 1,050 units in the country in the year 2008 as compared to 349 units during the previous year.

Vienna - Austria's government and the country's automotive industry on Thursday agreed on measures to alleviate the effects of the crisis gripping the global car industry.

The measures include prolonging the time that short-time work is subsidised with public funds, as well as funding for innovative research, Chancellor Werner Faymann and Vice Chancellor and Finance Minister Josef Proell said after the government's meeting with industry leaders.