The Volkswagen W12 was a series of concept cars created by Volkswagen Passenger Cars in 1997.
81-402: At the request of then Volkswagen Group CEO Ferdinand Piech , Giorgetto Giugiaro and his Italdesign team was tasked to design a Volkswagen sports car, with instructions that it had to accommodate a 12-cylinder engine in a W configuration , be mid-engined, and also be able to be configured with Volkswagen's Syncro all-wheel drive system. Another reason for its conception was to prove to
162-431: A $ 2.8 billion criminal fine for rigging diesel-powered vehicles to cheat on government emissions tests". The "unprecedented" plea deal formalized a punishment that Volkswagen AG agreed to earlier in 2017. In addition, the plea deal includes a $ 1.5 billion settlement for various environmental, customs and financial violations. Overall, Volkswagen will pay more than $ 30 billion in penalties and lawsuit settlements related to
243-569: A 51% controlling stake in SEAT, making it the first non-German subsidiary of the Volkswagen Group. On 23 December the same year, it became the Spanish company's major shareholder by increasing its share up to 75%. In 1990—after purchasing its entire equity—Volkswagen AG took over the full ownership of SEAT, making the company a wholly owned subsidiary, and on 28 March 1991, another step to the expansion of
324-518: A 90.1% stake in the Italian automotive design house Italdesign Giugiaro . In less than three months, the transaction had been completed making the Italian firm a member of the Volkswagen Group. Since 2013 the Volkswagen Group has held a 89.7% stake in Traton . In 2015 research showed a security flaw in the keyless ignition of Volkswagen and other carmakers' vehicles. Volkswagen spent two years trying to keep
405-512: A completely uneconomic enterprise." In 1948, the Ford Motor Company of USA was offered Volkswagen, but Ernest Breech , a Ford executive vice president, said he did not think either the plant or the car was "worth a damn." Breech later said that he would have considered merging Ford of Germany and Volkswagen, but after the war, ownership of the company was in such dispute that nobody could possibly hope to be able to take it over. As part of
486-564: A corporate "Strategy 2025" that focuses on electrification of its portfolio. The VW Group developed the Volkswagen Group MEB platform chassis that will be utilized in a range of various cars and light utility vehicles across several VW Group marques due to its flexibility and floor-mounted battery. As of May 2018, the VW Group has committed $ 48 billion in car battery supplies and plans to outfit 16 factories to build electric cars by
567-622: A drop in Chinese sales. On 18 September 2015, the US EPA announced that Volkswagen had installed a "defeat device" software code in the diesel models sold in the US from 2009 to 2015. The code was intended to detect when an emissions test was being conducted, and altered emissions controls for better compliance. Off the test stand, the controls were relaxed, and emissions jumped 35 to 40 times regulatory levels according to investigators at West Virginia University and
648-533: A family firm in case a family controls more than 50% of the voting rights. For a publicly listed firm, a firm is classified as a family firm in case the family holds at least 32% of the voting rights. Family owned businesses account for over 30% of companies with sales over $ 1 billion. In a family business, two or more members within the management team are drawn from the owning family. Family businesses can have owners who are not family members. Family businesses may also be managed by individuals who are not members of
729-403: A founder intends to transfer ownership in the family business to their four children, two of whom work in the business, how do they balance these unequal differences? The four siblings need a system to do this themselves when the founder is no longer involved. The third situation is when there are multiple owners and some or all of the owners are not in management. Given the situation above, there
810-458: A prime source of wealth creation and employment. In some countries, many of the largest publicly listed firms are family-owned. A firm is said to be family-owned if a person is the controlling shareholder; that is, a person (rather than a state, corporation, management trust, or mutual fund) can garner enough shares to assure at least 20% of the voting rights and the highest percentage of voting rights in comparison to other shareholders. Some of
891-599: A profit warning, saying it had set aside $ 7 billion to fix the fraud. On 23 September 2015, Martin Winterkorn announced his resignation from the CEO position after a crisis meeting of the company board. On 25 September 2015 Matthias Müller was named CEO. Müller was the head of the Porsche marque within the VW corporate umbrella. On 21 April 2017, a U.S. federal judge ordered Volkswagen "to pay
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#1732863118292972-687: A technology cooperation and joint development agreement on platform and software. Rooted in Europe, the Volkswagen Group operates in 153 countries. Volkswagen Passenger Cars is the Group's original marque, and the other major subsidiaries include passenger car marques such as Audi , Bentley , Lamborghini , Porsche , SEAT , and Škoda . Volkswagen AG also has operations in commercial vehicles , owning Volkswagen Commercial Vehicles , along with controlling stakes in truck, bus and diesel engine manufacturers Scania AB and MAN SE . The Volkswagen Group comprises
1053-446: Is a higher chance that the interests of the two off-spring not employed in the family business may be different from the interests of the two who are employed in the business. Their potential for differences does not mean that the interests cannot be aligned, it just means that there is a greater need for the four owners to have a system in place that differences can be identified and balanced. There appear to be two main factors affecting
1134-598: Is an open topped version of W12 Syncro with red body colour, rear-wheel drive . The vehicle was unveiled at the 1998 Geneva Auto Show . It had the following specifications: In 2001, at the Tokyo Motor Show , Volkswagen Group released their most powerful W12 sports car concept yet, in bright orange (then also known as the W12 Nardò , referring to the Nardò Ring vehicle test track near the Italian city of Nardò ). The engine
1215-746: Is divided into two primary divisions : the Automotive Division and the Financial Services Division. As of 2008, it had about 342 subsidiary companies. Volkswagen also has three joint ventures in China, FAW-Volkswagen , SAIC Volkswagen and Volkswagen Anhui . The company has operations in roughly 150 countries, and it has 100 production facilities across 27 countries. Volkswagen was founded in Berlin in 1937 and incorporated in Wolfsburg to manufacture
1296-520: Is fine, as long as they continue to be managed by people who are steeped in the traditions, or at least able to adapt to them. Often family members can benefit from involving more than one professional advisor, each having the particular skill set needed by the family. Some of the skill sets that might be needed include communication, conflict resolution , family systems, finance, legal, accounting, insurance, investing, leadership development, management development, and strategic planning . Ownership in
1377-404: Is made public about financial performance. Ownership may be distributed through trusts or holding companies, and family members themselves may not be fully informed about the ownership structure of their enterprise. However, as the 21st-century global economic model replaces the old industrial model, government policy makers, economists, and academics turn to entrepreneurial and family enterprises as
1458-465: Is often used to show the three principal roles in a family-owned or -controlled organization: Family, Ownership and Management. This model shows how the roles may overlap. Everyone in the family (in all generations) obviously belongs to the Family circle, but some family members will never own shares in the family business, or ever work there. A family member is concerned with social capital (reputation within
1539-488: Is that family, ownership, and business roles involve different and sometimes conflicting values, goals, and actions. For example, family members put a high priority on emotional capital—the family success that unites them through consecutive generations. Executives in the business are concerned about strategy and social capital—the reputation of their firm in the marketplace. Owners are interested in financial capital—performance in terms of wealth creation. A three-circles model
1620-435: Is to recognise the issues that they face, understand how to develop strategies to address them and more importantly, to create narratives, or family stories that explain the emotional dimension of the issues to the family. The most intractable family business issues are not the business problems the organisation faces, but the emotional issues that compound them. Many years of achievement through generations can be destroyed by
1701-887: The Forbes 400 richest Americans, 44% of the Forbes 400 member fortunes were derived by being a member of or in association with a family business. The economic prevalence and importance of this kind of business are often underestimated. Throughout most of the 20th century, academics and economists were intrigued by a newer, “improved” model: large publicly traded companies run in an apparently rational, bureaucratic manner by well trained “organization men.” Entrepreneurial and family firms, with their specific management models and complicated psychological processes, often fell short by comparison. Privately owned or family-controlled enterprises are not always easy to study. In many cases, they are not subject to financial reporting requirements, and little information
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#17328631182921782-714: The Audi Brand Group focused on more sporty values – consisted of Audi, SEAT and Lamborghini – and the Volkswagen Brand Group on the field of classic values – consisted of Volkswagen, Skoda, Bentley and Bugatti – with each Brand Group's product vehicles and performance being respectively under the higher responsibility of Audi and Volkswagen brands. Volkswagen Group revealed on 24 October 2009 that it had made an offer to acquire long-time partner and German niche automotive manufacturer Wilhelm Karmann GmbH out of bankruptcy protection. In November 2009,
1863-647: The Industrial plans for Germany , large parts of German industry, including Volkswagen, were to be dismantled. Total German car production was set at a maximum of 10% of the 1936 car production numbers. The company survived by producing cars for the British Army, and in 1948 the British Government handed the company back over to the German state, and it was managed by former Opel chief Heinrich Nordhoff . Production of
1944-600: The Nardò Ring at Lecce , covering a distance of 7,740.576 kilometres (4,809.8 mi) at an average speed of 322.891 km/h (200.6 mph). The cars have been portrayed in games, such as Gran Turismo , Asphalt 8 , Asphalt 9 , Project Gotham Racing 3 , GTI Racing , World Racing 2 and the Test Drive series. The W12 Nardò also featured in a 2013 April Fools joke as the new Volkswagen LeVanto. Volkswagen Group Volkswagen AG ( German: [ˈfɔlksˌvaːɡn̩] ), known internationally as
2025-834: The National Socialist Deutsche Arbeitsfront (German Labour Front) and incorporated in the Stadt des KdF-Wagens bei Fallersleben, ( " City of the Strength Through Joy car at Fallersleben ) on 28 May 1937. The purpose of the company was to manufacture the Volkswagen car, originally referred to as the Porsche Type 60, then the Volkswagen Type 1, and commonly called the Volkswagen Beetle . This vehicle
2106-730: The OTC Marketplace . Volkswagen delisted from the London Stock Exchange in 2013. The government of Lower Saxony holds 12.7% of the company's shares, granting it, by law, 20% of the voting rights. Volkswagen (meaning 'People's car' in German) was founded in Berlin as the Gesellschaft zur Vorbereitung des Deutschen Volkswagens mbH ('Limited Liability Company for the preparation of the German People's Car', abbreviated to Gezuvor ) by
2187-609: The Tokyo Motor Show , Volkswagen debuted their first sports car concept, a bright yellow W12 Syncro (also known as the W12 Syncro Coupé ) with a 5.6-litre W12 engine producing 309 kW (420 PS ; 414 bhp ) with Syncro four-wheel drive . This, and the W12 concepts after it, were all designed by the Italdesign firm in Italy. The W12 Syncro had the following specifications: It
2268-639: The Volkswagen Group , is a German public multinational conglomerate manufacturer of passenger and commercial vehicles, motorcycles, engines and turbomachinery. Headquartered in Wolfsburg , Lower Saxony , Germany, and since the late 2000s is a publicly-traded family business owned by Porsche SE , which in turn is half-owned but fully controlled by the Austrian-German Porsche and Piëch family . The company also offers related services, including financing, leasing, and fleet management. In 2016, it
2349-574: The Volkswagen Type 3 in 1961, the Volkswagen Type 4 in 1968, and the Volkswagen Type 181 in 1969. In 1960, upon the flotation of part of the German federal government 's stake in the company on the German stock market, its name became Volkswagenwerk Aktiengesellschaft (usually abbreviated to Volkswagenwerk AG ). On 1 January 1965, Volkswagenwerk acquired Auto Union GmbH from its parent company Daimler-Benz . The new subsidiary went on to produce
2430-560: The California Air Resources Board. About 482,000 vehicles are under the recall order, a potential $ 18 billion ($ 37,500 per violation) in fines are pending, and news accounts speculate a criminal indictment for the deception is certain. The VW Group CEO, Martin Winterkorn , said he was "deeply sorry" and ordered an external investigation. The software code was only revealed when the EPA refused to certify VW's 2016 models for sale in
2511-538: The Type 60 Volkswagen (re-designated Type 1 ) started slowly after the war due to the need to rebuild the plant and because of the lack of raw materials, but production grew rapidly in the 1950s and 1960s. The company began introducing new models based on the Type 1, all with the same basic air-cooled, rear-engine, rear-drive platform. These included the Volkswagen Type 2 in 1950, the Volkswagen Karmann Ghia in 1955,
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2592-552: The US unless the corporation provided full disclosure. On Sunday, 20 September 2015, VW Group announced it was halting the sale of its four-cylinder diesel models in the US. The US EPA press release on its Notice of Violation, and the California Air Resources Board letter dated 18 September 2015 contain significant chronological detail of the agencies interaction with VW on the issue. On 22 September 2015, VW AG admitted that 11 million cars worldwide had been fitted with software intended to deceive emissions testing . The company issued
2673-443: The Volkswagen Group are (as at the financial year ending March 3): Family business A family business is a commercial organization in which decision-making is influenced by multiple generations of a family , related by blood , marriage or adoption , who has both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals. They are closely identified with
2754-401: The Volkswagen portfolio in 1998: Bentley , Lamborghini , and Bugatti . On 30 May 2000, after having gradually raised its equity share, Volkswagen AG took over the full ownership of Škoda Auto, making the company a wholly owned subsidiary. From 2002 up to 2007, the Volkswagen Group's automotive division was restructured so that two major Brand Groups with different profile would be formed,
2835-559: The Volkswagen. Only a small number of Type 60 Volkswagens were made during this time. The Fallersleben plant also manufactured the V-1 flying bomb , making the plant a major bombing target for the Allied forces. Slave labour was utilised in the Volkswagen plant, e.g. from Arbeitsdorf concentration camp. The company would admit in 1998 that it used 15,000 slaves during the war effort. German historians estimated that 80% of Volkswagen's wartime workforce
2916-400: The additional planning task of balancing family and business demands. There are five critical issues where the needs of the family and the demands of the business overlap—and require parallel planning action to ensure that business success does not create a family or business disaster. Fairness is a fundamental issue in family business decision-making. Solutions that are perceived as fair by
2997-417: The bomb-shattered factory for use in repairing British Army vehicles, pending the expected disposal of the plant tooling and equipment as war reparations . However, no British car manufacturer was interested. A British report on the car said that "the vehicle does not meet the fundamental technical requirement of a motor-car … it is quite unattractive to the average buyer … To build the car commercially would be
3078-466: The business requires those to stay competitive, the interests of the entire family and the business are not aligned. Nepotism has been listed as a problem with family businesses. Forbes writes that "nepotism in family businesses is a phenomenon that has been present for centuries" and that it is "prevalent" in such businesses. Nepotism-based favouritism contributes to a poorer workplace atmosphere and tension, which can impact worker contributions to
3159-451: The business. Involving someone else to manage the company requires the founder to be more conscious and formal in balancing personal interests with the interests of the business because they can no longer do this alignment automatically—someone else is involved. The second situation is when more than one person owns the business and no single person has the power and support of the other owners to determine collective interests. For example, if
3240-527: The car that would become known as the Beetle . The company's production grew rapidly in the 1950s and 1960s. In 1965, it acquired Auto Union , which subsequently produced the first postwar Audi models. Volkswagen launched a new generation of front-wheel drive vehicles in the 1970s, including the Passat , Polo and Golf ; the latter became its bestseller. Volkswagen acquired a controlling stake in SEAT in 1986, making it
3321-519: The community), dividends, and family unity. The Ownership circle may include family members, investors and/or employee-owners. An owner is concerned with financial capital (business performance and dividends). The Management circle typically includes non-family members who are employed by the family business. Family members may also be employees. An employee is concerned with social capital (reputation), emotional capital (career opportunities, bonuses and fair performance measures). A few people—for example,
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3402-433: The development of family business and succession process: the size of the family, in relative terms the volume of business, and suitability to lead the organization, in terms of managerial ability, technical and commitment. Arieu proposed a model in order to classify family firms into four scenarios: political, openness, foreign management and natural succession . Potential successors who had professional experience outside
3483-424: The differing interests of family members and/or the interests of one or more family members on the one hand and the interests of the business on the other hand require the people involved to have the competencies, character and commitment to do this work. Family-owned companies present special challenges to those who run them. They can be quirky, developing unique cultures and procedures as they grow and mature. That
3564-684: The end of 2022. According to VW Group CEO Dr. Herbert Diess , the company will offer 25 electric models and 20 plug-in hybrids by 2020. Volkswagen Group came under pressure for cooperating with the Chinese government in the region of Xinjiang . In that same region, western-funded NGOs accused the Chinese government of having committed human rights abuses against the Uyghur minority group, which included mass surveillance , incarceration, and forced labor. After these accusations emerged, Volkswagen responded, "We do not assume any of our employees are forced laborers." Süddeutsche Zeitung claimed that Volkswagen
3645-414: The family and business stakeholders are more likely to be accepted and supported. Fair process helps create organizational justice by engaging family members, whether as owners and employees, in a series of practical steps to address and resolve critical issues. Fair process lays a foundation for continued family participation over generations. The challenge faced by family businesses and their stakeholders,
3726-409: The family business is basically owned and operated by one person, that person usually does the necessary balancing automatically. For example, the founder may decide the business needs to build a new plant and take less money out of the business for a period so the business can accumulate cash needed to expand. In making this decision, the founder is balancing his personal interests (taking cash out) with
3807-436: The family business may decide to leave the firm to found a new one, either with or without the support of the family. Instead, successors tend to be characterized by professional experience only within the family business. The education of potential successors is a critical issue in the succession process because it affects the endowment of managerial capabilities of the firm. If the succession process has been planned in advance,
3888-428: The family enterprise. However, family participation as managers and/or owners of a business can present unique problems because the dynamics of the family system and the dynamics of the business systems are often not in balance. The interests of the entire family may not be balanced with the interests of their business. For example, if a family needs its business to distribute funds for living expenses and retirement, but
3969-447: The family. However, family members are often involved in the operations of their family business in some capacity and, in smaller companies, usually one or more family members are the senior officers and managers. In India, many businesses that are now public companies were once family businesses. Family participation as managers and/or owners of a business can strengthen the company because family members are often loyal and dedicated to
4050-415: The family. It is a useful tool for spotting relationship patterns across generations, and decrypting seemingly irrational behavior. Family myths—sets of beliefs that are shared by the family members—can play important defensive and protective roles in families. Myths help people cope with stress and anxiety and, by prescribing ritualistic behavior patterns, will enable them to establish a common front against
4131-568: The firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multi-generational dimension and family influence that create the unique dynamics and relationships of family businesses. A family business is the oldest and most common model of economic organization. The vast majority of businesses throughout the world—from corner shops to multinational publicly listed organizations with hundreds of thousands of employees—can be considered as family businesses. Based on research of
SECTION 50
#17328631182924212-469: The first non-German marque of the company, and acquired control of Škoda in 1994, of Bentley, Lamborghini, and Bugatti in 1998, Scania in 2008 and of Ducati, MAN, and Porsche in 2012. The company's operations in China have grown rapidly in the past decade, with the country becoming its largest market. In 2015, Volkswagen was discovered to have used defeat devices to deceive environmental regulators about how much NO x its cars were emitting. The company
4293-528: The first post-war Audi models, the Audi F103 series, shortly afterwards. Another German manufacturer, NSU Motorenwerke AG , was merged into Auto Union on 26 August 1969, creating a new company, Audi NSU Auto Union AG (later renamed AUDI AG in 1985). From the late 1970s to 1992, the acronym V.A.G. was used by Volkswagen AG as a brand for group-wide activities, such as distribution and leasing. Contrary to popular belief, "V.A.G." had no official meaning, and
4374-493: The following vehicle manufacturers and their corresponding brands : Here are the brands operated under the Volkswagen Group: Other subsidiaries and shareholdings: The Group also owns five defunct marques which are managed through the companies Auto Union GmbH and NSU GmbH, both of which are 100% owned by AUDI AG: In November 2018 Volkswagen's market capitalization was valued at US$ 73.8 billion. The key trends for
4455-469: The founder or a senior family member—may hold all three roles: family member, owner and employee. These individuals are intensely connected to the family business, and concerned with any or all of the above sources of value creation. A genogram is an organization chart for the family. It is an enhanced family tree that shows not only family events like births and deaths, but also indicates the relationships (close, conflicted, cut-off, etc.) among individuals in
4536-569: The group's activities was made through the signing of a joint-venture partnership agreement with Škoda automobilová a.s. of Czechoslovakia , accompanied with the acquisition of a 30% stake in the Czech car manufacturer on 16 April 1991. On 19 December 1994, the group began the acquisition of Škoda Auto by raising its share to 60.3%. Later, on 11 December 1995, it became the Czech company's largest and controlling shareholder by increasing its share up to 70%. Three prestige automotive marques were added to
4617-419: The incumbent and successor usually show higher levels of satisfaction. Particularly important is the incumbent’s willingness to step down. The incumbent gradually gives away his power to the successor. This happens step by step and may take several years. Such a transfer of power can take the form of the incumbent providing the successor with entrepreneurial resources that foster the firm's innovation. Eventually,
4698-650: The largest car manufacturer in the world by revenue. The Volkswagen Group sells passenger cars under the Audi , Bentley , Cupra , Jetta , Lamborghini , Porsche , SEAT , Škoda and Volkswagen brands, motorcycles under the Ducati name, light commercial vehicles under the Volkswagen Commercial Vehicles brand, and heavy commercial vehicles via the marques of the listed subsidiary Traton ( International Motors , MAN , Scania and Volkswagen Truck & Bus ). It
4779-429: The needs of the business (expansion). The assets that are owned by the family, in most family businesses, are hard to separate from the assets that belong to the business. Balancing competing interests often become difficult in three situations. The first situation is when the founder wants to change the nature of their involvement in the business. Usually the founder begins this transition by involving others to manage
4860-430: The next, if the family fails to address the psychological issues they face. Applying psychodynamic concepts will help to explain behaviour and will enable the family to prepare for life cycle transitions and other issues that may arise. Family-run organisations need a new understanding and a broader perspective on the human dynamics of family firms with two complementary frameworks, psychodynamic and family systematic. When
4941-436: The organisation. The interest of one family member may not be aligned with another family member. For example, a family member who is an owner may want to sell the business to maximize their return, but a family member who is an owner and also a manager may want to keep the company because it represents their career and they want their children to have the opportunity to work in the company. The challenge for business families
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#17328631182925022-467: The outside world. They provide a rationale for the way people behave, but because much of what makes up a family myth takes place deep beneath the surface, they also conceal the true issues, problems, and conflicts. Although these family myths can turn into a blueprint for family action, they can also turn into straitjackets, reducing a family's flexibility and capacity to respond to new situations. All businesses require planning, but business families face
5103-473: The purchase of 19.9% of Suzuki Motor Corporation 's issued shares on 15 January 2010. Suzuki invested part of the amount received from Volkswagen into 1.49% percent of Volkswagen. In 2011, Suzuki filed a lawsuit at an arbitration court in London requesting that Volkswagen return the 19.9% stake. On 25 May 2010, it was announced that Volkswagen Group, through its subsidiary Lamborghini Holding S.p.A., had acquired
5184-548: The remaining half of Porsche shares for 4.46 billion euros (US$ 5.58 billion) on 1 August 2012 to avoid taxes of as much as 1.5 billion euros, which would have to be paid if the wrap up happened after 31 July 2014. Volkswagen AG purchased the remaining stake in Porsche AG equaling 100% of the shares in Porsche Zwischenholding GmbH, effectively becoming its parent company as of 1 August 2012. Volkswagen AG completed
5265-535: The research from the public domain. On 3 August 2015, Nokia announced that it had reached a deal to sell its Here digital maps division to a consortium of three German automakers— BMW , Daimler AG , and Volkswagen Group, for €2.8 billion. This was seen as an indication that the automakers were interested in automated cars. Volkswagen held a 19.9% non-controlling shareholding in Suzuki between 2009 and 2015. An international arbitration court ordered Volkswagen to sell
5346-498: The scandal. In its own financial report for 2023 Volkswagen Group estimated its long, medium and short term debt at 155,6 Billion Euros. It is unclear how Volkswagen group plans to pay off that massive debt considering its falling global vehicle deliveries, planned closure of at least 3 factories in Germany after it previously closed 2 factories in Russia as well as 64% drop in profit for
5427-818: The stake back to Suzuki. On 17 September 2015, Suzuki paid $ 3.8bn to complete the stock buy-back just hours prior to a major scandal about emissions violations engulfing Volkswagen. Suzuki had wished to buy Fiat diesel engines. In 2021, Volkswagen sold their 55% stake in Bugatti to Rimac Group while transferring the remaining 45% to Porsche AG , forming a joint venture company called Bugatti Rimac . In early 2024, Volkswagen Group began looking for partners among international technology corporations to create AI labs, new digital prototypes of products and functions using artificial intelligence. In October 2024, Volkswagen plans to close at least three plants in Germany and cut jobs, facing challenges from delayed EV investments and
5508-530: The successor gains all the authority and influence while the incumbent steps down, leaves to company completely, or remains as an advisor (Handler, 1990) . An international body called International Council for Family Business (ICFB) having professor Alain Ndedi as Board of Trustees chairman, is assisting worldwide the private sector and non for profit organisations (Universities, Foundations, etc) to develop effective and successful planning process. Successfully balancing
5589-451: The supervisory board of Volkswagen AG approved the acquisition of assets of Karmann, and planned to restart vehicle production at their Osnabrück plant in 2012. In December 2009, Volkswagen AG bought a 49.9% stake in Dr. Ing. h.c. F. Porsche AG (more commonly known as Porsche AG) in a first step towards an 'integrated automotive group' with Porsche. The merger of Volkswagen AG and Porsche SE
5670-860: The three months to the end of September 2024. Latest setback for Volkswagen came on November 21, 2024 when Swedish battery producer Northvolt filed for bankruptcy, Volkswagen previously invested 1,4 Billion Euros in their failed business. On November 27, 2024 Volkswagen announced sale of it's Xinijang factory in China partly because "demand for combustion engine vehicles is going down". Former member of Croatian parliament Ivan Pernar warned that due to overall financial situation Volkswagen might go bankrupt just as "too big to fail" heavily indebted Evergrande Group . He also questioned how will EU tariffs on Chinese cars save Volkswagen when 50% of its sales are in China itself and not in EU, as well as its manangment decision to exit Russian market. In 2016, Volkswagen Group announced
5751-671: The world that Volkswagen Group can build a supercar and can build a large and reliable engine for its flagship car models such as the Audi A8 , Volkswagen Phaeton , and its sport utility vehicle , the Volkswagen Touareg . In fact, the W12 engine featured in the W12 Nardò concept is closely related to the engines found in the Bentley Continental GT and Bentley Flying Spur . In 1997, at
5832-413: The world's largest family-run businesses are Walmart (United States), Volkswagen Group (Germany), Samsung Group (Korea) and Tata Group (India). The "Global Family Business Index" comprises the largest 500 family firms around the globe. In this index—published for a first time in 2015 by Center for Family Business University of St. Gallen and EY —for a privately held firm, a firm is classified as
5913-677: Was based on transitioning to electric cars , and building a shared platform, battery systems, software and mobility solutions to use across all their brands. This involves creating the Scalable Systems Platform , as well as developing software under a new subsidiary called CARIAD . Volkswagen Group aims by 2024 to transition to selling mostly electric cars. It aims to have six battery factories in Europe by 2030. In 2023, Volkswagen Group announced plans to cut costs by €10 billion ($ 11.1 billion). In February 2024, Volkswagen Group and Chinese electric vehicle manufacturer XPeng signed
5994-463: Was designed by Ferdinand Porsche 's consulting firm, and the company was backed by the support of Adolf Hitler . On 16 September 1938, Gezuvor was renamed Volkswagenwerk GmbH ('Volkswagen Factory GmbH'). Shortly after the factory at Fallersleben was completed World War II started, and the plant primarily manufactured the military Kübelwagen (Porsche Type 82) and the related amphibious Schwimmwagen (Type 166), both of which were derived from
6075-642: Was fined billions of dollars. Volkswagen Aktiengesellschaft is a public company and has a primary listing on the Frankfurt Stock Exchange , where it is a constituent of the Euro Stoxx 50 stock market index , and secondary listings on the Luxembourg Stock Exchange and SIX Swiss Exchange . It has been traded in the United States via American depositary receipts since 1988, currently on
6156-609: Was never the formal name of the Volkswagen Group. On 30 September 1982, Volkswagenwerk made its first step expanding outside Germany by signing a co-operation agreement with the Spanish car manufacturer SEAT, S.A. To reflect the company's increasing global diversification from its headquarters and main plant (the Volkswagenwerk in Wolfsburg ), on 4 July 1985, the company name was changed again—to Volkswagen Aktiengesellschaft (Volkswagen AG). On 18 June 1986, Volkswagen AG acquired
6237-455: Was operating a plant in Xinjiang at a loss in order to curry favor with the Chinese government to set up more lucrative plants in other parts of China, which Volkswagen denied, saying that the decision to set up the plant in 2012 was purely based on economics. Volkswagen is still operating a plant in the region as of 2020. In 2021, Volkswagen Group released their New Auto strategy. The strategy
6318-414: Was rated at 441 kW (600 PS ; 591 bhp ) and 621 N⋅m (458 lbf⋅ft ) of torque ; it could accelerate from a standstill to 100 km/h (62 mph) in about 3.5 seconds, and had a top speed of 357 km/h (221.8 mph), weighing 1,200 kg (2,646 lb ). On 23 February 2002, a Volkswagen W12 coupé took the world record for all speed classes over 24 hours over
6399-604: Was scheduled to take place during the course of 2011. On 8 September 2011, it was announced that the planned merger "cannot be implemented within the time frame provided for in the Comprehensive Agreement". As reasons, unquantifiable legal risks, including a criminal probe into the holding's former management team were given. Both parties "remain committed to the goal of creating an integrated automotive group with Porsche and are convinced that this will take place". On 4 July 2012 Volkswagen group announced they would wrap up
6480-541: Was slave labour. Many of the slaves were reported to have been supplied from the concentration camps upon request from plant managers. A lawsuit was filed in 1998 by survivors for restitution for the forced labour. Volkswagen would set up a voluntary restitution fund. After the war in Europe, in June 1945, Major Ivan Hirst of the British Army Royal Electrical and Mechanical Engineers (REME) took control of
6561-474: Was the world's largest automaker by sales, and keeping this title in 2017, 2018, and 2019, selling 10.9 million vehicles and was the largest automaker by revenue in 2022. It has maintained the largest market share in Europe for over two decades. It ranked seventh in the 2020 Fortune Global 500 list of the world's largest companies. In 2023, Volkswagen Group was the largest company in the European Union and
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