Volkswagen To Boost Global Headcount To 600,000 By 2018 To Exceed Toyota As World's No. 1 Car-Selling Company

Volkswagen (OTCPK: VLKAF) says it will boost its global headcount to 600,000 from 550,000 by 2018. The rapid expansion will contribute to the company’s goal of becoming the world’s biggest carmaker, works council chief Bernd Osterloh told German newspaper Handelsblatt.

"Volkswagen is growing and is therefore continuing to hire in production," Osterloh said in the interview to be published on Tuesday.

According to the company’s 2012 annual report, Volkswagen delivered 9.3 million vehicles worldwide, topping the prior year’s figure by 1 million. The company hopes its progress will lead to it eventually beating out its competitor, Toyota Motor Corp (OTCQB: TOYOF), and becoming the world's top-selling carmaker in 2018.

Volkswagen is counting on growth abroad to offset weak demand for cars in Europe and is working on plans to almost double production capacity in China over the next five years.

Osterloh told Handelsblatt that Volkswagen would add new staff -- "less in Europe, rather more in China." More than half of Volkswagen's employees already are based outside its German home market.