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Germany says cars remain pillar of economy despite VW crisis

Volkswagen's supervisory board will pick the head of sports-car maker Porsche as its next chief executive to succeed Martin Winterkorn who resigned on Wednesday, a source familiar with the matter told Reuters.

[BERLIN] The German government said on Wednesday that the auto industry would remain an "important pillar" for the economy despite the deepening crisis surrounding the country's biggest carmaker Volkswagen.

"It is a highly innovative and very successful industry for Germany, with lots of jobs," a spokeswoman for the economy ministry told a regular government news conference.

"It is an important pillar for the German economy and we see no reason to doubt that the outstanding, innovative auto industry will remain just that and continue to be competitive."