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Business

Volkswagen To Be Official Sponsor of 2008 Olympics

German carmaker Volkswagen has edged out rivals BMW and General Motors to become the official sponsor for the 2008 Olympic Games in Beijing. As the official partner of the Beijing Olympic Organizing Committee (BOCOG), VW will provide financial, automobile and other forms of support for the 2008 Olympics and Paralympics as well as for the Chinese sports delegation for the 2006 Winter Olympics in Turin. VW has refused to comment on the amount of money it will spend on the Games. VW Chairman Bernd Pischetsrieder said, " "It is a great honor. We hope the 2008 Games will offer us a chance to give something back to society and to the Chinese people, whose enthusiastic support we have enjoyed for many years." VW is the market leader in China. It established its first joint-venture in the country in 1984 and sold 697,000 cars in 2003, up 36 percent from the previous year. It also retained the market lead with a share of 30.8 percent.