Volkswagen Group

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This article is about Volkswagen Group and its parent company, Volkswagen AG. For the Volkswagen brand of cars, see Volkswagen. For Volkswagen vans and light trucks, see Volkswagen Commercial Vehicles.
Volkswagen Group
Volkswagen Aktiengesellschaft
Type Public company – Aktiengesellschaft
Traded as FWB: VOW, VOW3
Industry Automotive
Founded 1937 (Germany)
Headquarters Wolfsburg, Germany
Number of locations 61 production plants in 21 countries[1]
Area served Worldwide
Key people Ferdinand K. Piëch (Chairman of the supervisory board)
Martin Winterkorn (CEO and Chairman of the board of management)
Products Automobiles, commercial vehicles, engines
Production output increase8,300,000 units for sale in 153 countries (2011)[2]
Services Financial services
Revenue €159.3 billion (2011)[2]
Operating income €18.9 billion (2011)[2]
Profit €15.4 billion (2011)[2]
Total assets €199 billion (end 2010)[2]
Total equity €49 billion (end 2010)[2]
Employees 399,380 (end 2010)[2]
Divisions Automotive Division,
Financial Services Division
Subsidiaries
Website www.volkswagenag.com

Volkswagen Group (sometimes abbreviated to VW Group)[5] is a German multinational automotive manufacturing group headquartered in Wolfsburg. It is the world’s second-largest motor vehicle manufacturer by 2011 unit sales and the largest based in Europe.[6][7]

The Group's parent company Volkswagen Aktiengesellschaft,[8] usually abbreviated to Volkswagen AG, develops vehicles and components for all marques of the whole group, and also manufactures complete vehicles for the Volkswagen Passenger Cars and Volkswagen Commercial Vehicles marques.[8] As of September 2011, 50.73% of the voting rights in Volkswagen AG were held by Porsche Automobil Holding SE, which is also the parent company of Porsche AG.[9] Volkswagen Group is divided into two primary divisions: the Automotive Division, and the Financial Services Division.[1] The Group consists of 342 Group companies, which are involved in either vehicle production or other related automotive services.[1]

Contents

[edit] History

[edit] 1937 to 1970

Volkswagen was founded on 28 May 1937 as the Gesellschaft zur Vorbereitung des Deutschen Volkswagens mbH[10] ("Society for the preparation of the German People's Car", abbreviated to Gezuvor[11]) by the Nazi Deutsche Arbeitsfront[12] (German Labour Front). The purpose of the company was to manufacture the Volkswagen car, originally referred to as the Porsche Type 60, and later better known as the Volkswagen Beetle.[10] On 16 September 1938, the company was renamed Volkswagenwerk GmbH[10] ("Volkswagen Factory limited liability company").

During World War II the Volkswagen plant near Fallersleben primarily manufactured the military Kübelwagen (Porsche Type 82) and the related amphibious Schwimmwagen (Type 166), both of which were derived from the Volkswagen. Only a small number of Type 60 Volkswagens were made during this time period. The plant also manufactured the V-1 flying bomb, also known as the "Buzz Bomb" or "Doodlebug", making the plant a major bombing target for the Allied forces. Much of the workforce at the plant was slave labor, primarily from eastern Europe.

After the war in Europe, in June 1945, Major Ivan Hirst[10] of the British Army Royal Electrical and Mechanical Engineers (REME) took control of the bomb-shattered factory, and restarted production, pending the expected disposal of the plant as war reparations. However, no British car manufacturer was interested; "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 a completely uneconomic enterprise".[13] In 1948, the Ford Motor Company was offered Volkswagen, but Ernest Breech, a Ford executive vice president said he didn't think either the plant or the car was "worth a damn."[14] As part of 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.[15] 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, where it was managed by former-Opel chief Heinrich Nordhoff.

The Audi F103, in production from 1965 to 1972

Production of 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, 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 the first post-war Audi models, the Audi F103 series, shortly afterwards.[16]

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).[16]

[edit] 1970 to 2000

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 was never the name of the Volkswagen Group.[17]

On 30 September 1982, Volkswagenwerk made its first step expanding outside of Germany by signing a co-operation agreement with the Spanish car manufacturer SEAT, S.A.[16]

In order 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 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%.[16]

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 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,[16] raised later on 19 December 1994 to 60.3% and the year after, on 11 December 1995, to 70% of its shares.[18]

Three prestige automotive marques were added to the Volkswagen portfolio in 1998: Bentley, Lamborghini and Bugatti.[16]

[edit] 2000 to present

Volkswagen's Golf is the third best-selling car of all-time, selling over 26 million through 2008

On 30 May 2000, Volkswagen AG, after having gradually raised its equity share, turned Škoda Auto into a wholly owned subsidiary.[16]

From 2002 up to 2007, the Volkswagen Group's automotive division was restructured so that two major Brand Groups with differentiated profile would be formed,[19] 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[20][21] – 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.[22] In November 2009, the Supervisory Board of Volkswagen AG approved the acquisition of assets of Karmann, and plan to restart vehicle production at their Osnabrück plant in 2012.[23]

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.[24][25][26] The merger of Volkswagen AG and Porsche SE 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."[27][28]

Volkswagen AG completed the purchase of 19.9% of Suzuki Motor Corporation's issued shares on 15 January 2010.[29] Suzuki intends to invest up to one half of the amount received from Volkswagen into shares of Volkswagen.[30]

On 25 May 2010, it was announced that Volkswagen Group, through it subsidiary Lamborghini Holding S.p.A., had acquired a 90.1% stake in the Italian automotive design house Italdesign Giugiaro.[31] In only less than three months, the transaction had been completed making the Italian firm a member of the Volkswagen Group.[32]

[edit] Operations

Part of the Volkswagen factory in Wolfsburg, Germany, its largest worldwide

Rooted in Europe, the Volkswagen Group operates worldwide. Volkswagen Passenger Cars is Volkswagen Group's original marque, and the Group's other major subsidiaries include passenger car marques such as Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, and Škoda. Volkswagen AG also has operations in commercial vehicles, owning Volkswagen Commercial Vehicles, along with a controlling stake in the Swedish truck and diesel engine manufacturer Scania AB, and a 55.9% stake in MAN SE.[33] Volkswagen AG and Porsche SE reached an agreement in August 2009 that the merger of Porsche SE with Volkswagen would be completed in the course of 2011.[24][25]

[edit] Divisions, subsidiaries and marques

The Volkswagen Group comprises ten active automotive companies, and their corresponding marques:

Germany AUDI AG, the Audi Group, and the Audi marque
99.55% ownership; the Audi marque is the sole active marque of the former Auto Union, bought from Daimler-Benz on 30 December 1964.
Audi AG wholly owns the private high performance subsidiary company, quattro GmbH.
Italy Automobili Lamborghini S.p.A.,[3] and the Lamborghini marque
100% ownership by Audi AG; company was bought in June 1998.
United Kingdom Bentley Motors Limited,[3] and the Bentley marque
100% ownership by Volkswagen AG; the company (at the time known as Rolls-Royce & Bentley Motors Ltd.) was bought on 28 July 1998 from Vickers, but did not include the 'Rolls-Royce' brand name. From July 1998 until December 2002, the Group's Bentley division also sold cars under the Rolls-Royce marque, under an agreement with BMW, which had bought the rights to the Rolls-Royce name, but not the Rolls-Royce operations. From 2003, only BMW has been able to make cars under the Rolls-Royce marque.
France Bugatti Automobiles S.A.S., and the Bugatti marque
100% ownership via the Volkswagen France subsidiary, Bugatti Automobiles S.A.S. was created after Volkswagen Group purchased the right to the Bugatti marque.[34]
Spain SEAT, S.A.,[3] and the SEAT marque
100% ownership since 1990; initially in 1982 a co-operation agreement with Audi AG; 51% and 75% ownership in 1986, being the first non-German subsidiary of the Volkswagen Group.[16]
Czech Republic Škoda automobilová a.s.,[3] Škoda Auto, and the Škoda marque
100% ownership since 2000; initially in 1991 a co-operation agreement and 30% ownership;[16] 60.3% and 70% ownership on 1994 and 1995 respectively[18]
Germany Volkswagen Passenger Cars, and the Volkswagen marque
the founding marque of the company, 100% ownership.
Germany Volkswagen Commercial Vehicles (VWCV), or German: Volkswagen Nutzfahrzeuge (VWN)
100% ownership; started operations as an independent entity in 1995. VWCV/VWN is in charge of all commercial vehicle developments within the Group, and has control over Scania AB and is a major shareholder in MAN SE.
Sweden Scania AB,[3] and the Scania marque (controlling shareholder)
Acquired July 2008 becoming the 9th marque of the Group,[1] 70.94% of voting rights as of 30 November 2009 (2009 -11-30).[35]
Germany MAN SE, and the MAN marque (controlling shareholder)
Acquired July 2011 becoming the 10th marque of the Group, 55.9% of voting rights as of 4 July 2011 (2011 -07-04).

The Group also owns five inactive marques which are managed through the companies Auto Union GmbH and NSU GmbH, both of which are 100% owned by Audi AG:

  • Germany Auto Union (the Auto Union company, together with NSU Motorenwerke AG (NSU), were merged into "Audi NSU Auto-Union AG" in 1969. The name was shortened to "Audi AG" in 1985, and the interlocked four-ring badge from Auto Union is still used by Audi AG).
  • Germany NSU Motorenwerke AG (NSU) – bought in 1969 by Volkswagen AG, and merged into Audi AG; the NSU brand has not been used since 1977. However, the current Audi AG shares trade under the ticker symbol "NSU".

[edit] Corporate affairs

[edit] Ownership

Gnome globe current event.svg
 Parts of this section (those related to shareholder detail) are outdated. Please update this section to reflect recent events or newly available information. Please see the talk page for more information. (December 2009)

Under the so-called "Volkswagen Law", no shareholder in Volkswagen AG could exercise more than 20 percent of the firm's voting rights, regardless of their level of stock holding.[36] In October 2005, Porsche acquired an 18.53 percent stake in the business, and in July 2006, Porsche increased that ownership to more than 25 percent. Analysts disagreed as to whether the investment was a good fit for Porsche's strategy.[37]

On 26 March 2007, after the European Union moved against a German law that protected Volkswagen Group from takeovers,[38] Porsche took its holding to 30.9 percent, triggering a takeover bid under German law. Porsche formally announced in a press statement that it did not intend to take over Volkswagen Group, setting its offer price at the lowest possible legal value, but intended the move to avoid a competitor taking a large stake, or to stop hedge funds dismantling Volkswagen Group, which is Porsche's most important partner.[39] On 3 March 2008, Porsche announced that it has decided to increase its Volkswagen AG stake up to 51 percent, which would be completed before the end of the year. This was announced just hours after VWAG declared it would take a majority stake in the Swedish truck and engine maker Scania.[40] On 16 September 2008, Porsche announced that the company had increased its stake in Volkswagen AG to 35 percent.[41] As of October 2008, Porsche held 42.6 percent of Volkswagen AG's ordinary shares, and holds stock options on another 31.5 percent.[citation needed] On 28 October 2008, Porsche announced that they effectively held over 74 percent; 42.6 percent actual shares, and the rest as convertible options. It was announced on 7 January 2009 that Porsche now owns 50.76 percent of Volkswagen AG.[42] Volkswagen AG briefly became the world's most valuable company, as the stock price rose to over €1,000 per share as short sellers tried to cover their positions.[43]

The current share ownership of Volkswagen AG is distributed as follows:[44]

In percent of subscribed capital as of 31 December 2010 (2010 -12-31):
Percentage Shareholder name
32.2% Porsche Automobil Holding SE
23.3% Foreign institutional investors
16.4% Qatar Holding LLC
12.9% State of Lower Saxony
11.0% Private shareholders / others
2.9% German institutional investors
1.3% Porsche Holding GmbH, Salzburg
In percent of current voting rights as of 31 December 2010 (2010 -12-31):
Percentage Shareholder name
50.74% Porsche Automobil Holding SE, Stuttgart
20.00% State of Lower Saxony, Hanover
17.00% Qatar Holding
2.37% Porsche GmbH, Salzburg
9.89% Others


[edit] Stock market listings

Volkswagen AG shares are primarily traded on the Frankfurt Stock Exchange,[45] and are listed under the 'VOW' and 'VOW3' stock ticker symbols. First listed in August 1961, the shares were issued at a price of DM 350 per DM 100 share,[45] Volkswagen AG shares are now separated into two different types or classes: 'ordinary shares' and 'preference shares'.[45] The ordinary shares are now traded under the WKN 766400 and ISIN DE0007664005 listings, and the preference shares under the WKN 766403 and ISIN DE0007664039 listings.[45]

Volkswagen AG shares are also listed and traded on other major domestic and worldwide stock exchanges. In Germany's domestic exchanges, since 1961 these include those in Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart. International exchanges include those in Basel (listed in 1967), Geneva (1967), Zürich (1967), Luxembourg (1979), London (1988), and New York (1988).[45]

Since the start of trading in 1961, Volkswagen AG shares have been subjected to two stock splits – the first was on 17 March 1969 when they were split at a ratio of 2:1, from a DM 100 share to a DM 50 share. The second split occurred on 6 July 1998, the DM 50 share being converted into a share of no overall nominal value, at a ratio of 1:10.[45]

From 23 December 2009, Volkswagen AG preferred shares replaced its ordinary shares in the DAX index.[46]

[edit] Leadership

Volkswagen (mbH, GmbH, AG) leaders
From To Person(s)
1937 1945 Bodo Lafferentz, Ferdinand Porsche, Jakob Werlin[47]
June 1945 December 1947 Ivan Hirst (REME)[10]
1 January 1948 April 1967 Heinrich Nordhoff [48]
1 May 1968 September 1971 Kurt Lotz[48]
1 October 1971 February 1975 Rudolf Leiding [48]
10 February 1975 December 1980 Toni Schmücker [48]
1 January 1982 December 1992 Carl Hahn [48]
1 January 1993 16 April 2002 Ferdinand K. Piëch [48]
16 April 2002 31 December 2006 Bernd Pischetsrieder[48]
1 January 2007 present Martin Winterkorn[48]

[edit] Sales and market share

In 2010, Volkswagen Group's largest single country market was China with 1,924,649 units delivered, followed by Germany with 1,038,596 units. Divided by regions, Western Europe is the largest market of the Volkswagen Group with 2,902,948 units in 2010, followed by Asia-Pacific with 2,145,787 units and South America with 907,778 units delivered in 2010.[2]

The worldwide ranking of automakers is compiled once per year by the International Organization of Motor Vehicle Manufacturers OICA. In 2010, the Volkswagen Group ranked third on the list with 7.3 million units produced globally.[49]

Top 3 Automakers Global, 2010
Group Units share
Toyota 8,557,351 11.0%
G.M. 8,476,192 10.9%
Volkswagen 7,341,065 9.4%
Top 3 automakers 2010 by global volume, based on OICA data. Market share based on OICA 2010 global total of 77,743,862

The European ranking of automakers is compiled monthly by the European Auto Manufacturers' Association ACEA. By the end of 2010, the Volkswagen Group was the number one automaker in Europe with 2.8 million units sold in the EU27.[7] Volkswagen has held the top spot in Europe uninterrupted for more than two decades.[50] By the middle of 2011, former global leader Toyota had fallen to place three, with GM first and Volkswagen second. However, the annual ranking is established once per year, with the OICA list usually published in late July or early August of the following year. Officially, the 2010 ranking will remain in place until the 2011 ranking is announced by summer of 2012.[51][52]

Top 3 Automakers EU27, 2010
Group Units  share
Volkswagen 2,831,039 21.2
PSA 1,805,275 13.5
RENAULT 1,387,645 10.4
Top 3 automakers 2010 by EU27 volume, based on ACEA data

[edit] Sponsorships

Volkswagen is heavily involved in sports sponsorship, with investments having included the 2008 Summer Olympics, the 2014 Winter Olympics,[53][54] as well as the David Beckham Academy. Volkswagen AG wholly owns the Bundesliga football side VfL Wolfsburg;[55] and the company is also the shirt sponsor of Major League Soccer club D.C. United.

[edit] See also

Portal icon Lower Saxony portal
Portal icon Companies portal

[edit] References

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  19. ^ Volkswagen's branding plan takes shape
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