As of January 1st Volkswagen of America will be known by a new name: Volkswagen Group of America. In their efforts to take down Toyota as the world's top automaker Volkswagen has chosen to begin embracing its multi-brand size by adding the term group to its corporate moniker. It's a reminder that the company is more than just the letters "VW." The Volkswagen Group of America encompasses the brands of VW, Audi, Bugatti, Bentley and Lamborghini. It also houses the brand's financial service branches (go figure there are no financial branches for Bugatti or Lamborghini). Executives believe the change in title will also better prepare the organization for future brand expansion.
VOLKSWAGEN OF AMERICA, INC. TO BE RENAMED VOLKSWAGEN GROUP OF AMERICA, INC.
New name describes company's wide array of individual brands; reflects collaborative approach
AUBURN HILLS, MICH. (Dec. 12, 2007) - Volkswagen of America, Inc. announced today that it has changed its name to Volkswagen Group of America, Inc. The change will be fully effective January 1.
The new name better reflects the fact that the Volkswagen Group of America includes five distinct brands: Audi, Bentley, Bugatti, Lamborghini, and Volkswagen, as well as the related financial services functions of Audi Financial Services, Bentley Financial Services and Volkswagen Credit.
"Our company, like the entire Volkswagen Group, has grown dramatically since our formation in the United States in 1955. Our new corporate name allows our individual brands to flourish, while recognizing that we have a common support structure that gives us great strength as we face our competitors," said Stefan Jacoby, President and Chief Executive Officer. "The new name Volkswagen Group of America reflects the much wider array of goods and services we now offer, and prepares us for even more activities in the future."
Operating under the umbrella of Volkswagen Group of America, the Volkswagen and Audi brands will continue to provide sales and service under their names, Volkswagen of America and Audi of America.
Volkswagen Group of America, Inc. remains a wholly owned subsidiary of Volkswagen AG, which together with its subsidiaries and affiliates worldwide is now the fourth largest automobile company in the world.