Autoblog

Wife of VW paterfamilias Piëch up for Audi supervisory board

Michael Harley — Thu, 11 Apr 2013 07:58:00 EST

Filed under: Europe, Hirings/Firings/Layoffs, Audi, Porsche, Volkswagen

In a move seen as yet another way for the controlling Piech-Porsche family to leverage its muscle over the continent's biggest automaker, Ursula Piech - wife of chairman Ferdinand Piëch - is set to join the Audi supervisory board at the annual shareholder's meeting on May 16. Putting Piëch's wife, a 56-year-old kindergarten teacher, on the board is seen as just a formality as the Piëch and Porsche families already control more than 90 percent of the Porsche SE holding company (owner of a majority of Volkswagen common stock).

Although formally trained to educate young children, this isn't Ursula Piëch's first corporate role. In 2010, Piëch chose his wife to be deputy head of two Austria-based foundations that control owned stakes in Porsche and VW. She took a seat on the board of Wolfsburg-based VW almost a year ago.

Chairman Piëch will turn 76 next week, and his wife is set to take over her husband's interests when he dies.

Wife of VW paterfamilias Piëch up for Audi supervisory board originally appeared on Autoblog on Thu, 11 Apr 2013 07:58:00 EST. Please see our terms for use of feeds.

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CEO says Volkswagen's buying spree is over

Chris Tutor — Mon, 03 Sep 2012 18:03:00 EST

Filed under: Lotus, Porsche, Volkswagen, Alfa Romeo, Fiat

After adding Italian motorcycle icon Ducati to its stable and spending $5.6 billion on the rest of Porsche, Volkswagen CEO Martin Winterkorn says he's done shopping for a while.

"We have enough to do at the moment in taking our twelve brands to where we want to be," Winterkorn tells German newspaper Handelsblatt.

Rumors of VW's pending purchase of Malaysian carmaker and Lotus owner Proton have been swirling for a while - as recently as July. And a year ago, VW Chairman Ferdinand Piëch implied interest in relieving Fiat of its Alfa Romeo brand. But Winterkorn says his company is just too busy integrating Porsche and Ducati into the corporate structure to add any more brands right now.

"That I find Alfa Romeo an interesting brand is not a secret," Winterkorn said. "But we are currently busy enough with our brands."

At least one industry analyst, Michael Punzet of DZ Bank, thinks VW wouldn't pass up a bargain-priced Alfa or Proton if offered. "But at the moment I guess they are really focusing on integrating Porsche AG and consolidating the truckmakers MAN and Scania," Punzet said.

Read the full story at Bloomberg.

CEO says Volkswagen's buying spree is over originally appeared on Autoblog on Mon, 03 Sep 2012 18:03:00 EST. Please see our terms for use of feeds.

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Report: Piech says Alfa Romeo sales could increase fourfold under VW ownership

Chris Shunk — Wed, 02 Mar 2011 13:41:00 EST

Filed under: Etc., Earnings/Financials, Alfa Romeo, Fiat

Alfa Romeo builds some really good-looking rides, but that apparently hasn't translated into profits for Fiat. In a recent interview with Forbes, Fiat CEO Sergio Marchionne reportedly called the Italian brand a "money loser," and sales of the marque have consistently underwhelmed. But while Fiat has worked hard to rehab Alfa Romeo to no apparent avail, Volkswagen Chairman Ferdinand Piech feels his people can do better.

Reuters reports that Piech declared at the Geneva Motor Show that VW could raise Alfa sales from about 100,000 units per year to 400,000 or more in a scant five years. The boasting by Piech may seem more than a bit cocky, but that confidence jibes well with VW's bold proclamations that it will become the largest automaker on earth by 2018.

So what prompted Piech to announce to the world that VW could sell more Alfas than Fiat? We have no idea, and Marchionne has shown little public interest in selling the brand in the past. VW is obviously interested in buying Italy's sweetheart, though, and the German automaker likely has the cash and can take a liability off Fiat's books.

[Source: Reuters | Image: Nigel Treblin/AFP/Getty]

Report: Piech says Alfa Romeo sales could increase fourfold under VW ownership originally appeared on Autoblog on Wed, 02 Mar 2011 13:41:00 EST. Please see our terms for use of feeds.

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Report: Volkswagen eyeing Ferrari stake?

Noah Joseph — Thu, 11 Nov 2010 13:29:00 EST

Filed under: Volkswagen, Ferrari, Rumormill

If Volkswagen has taught us anything, it's that you can never be too rich or have too many high-dollar automakers under your umbrella. Europe's largest auto group already encompasses Lamborghini, Bugatti and Bentley, is in the process of absorbing Porsche, and makes a couple more six-figure sports cars with Audi badges. But according to reports coming in from Europe, VW has its eyes set on acquiring yet another top-dollar automaker: Ferrari.

Given that it already owns Maranello's most direct competitor, you might be inclined to file this report in the "wild rumor of the day" category and be done with it. And while you'd certainly be justified, there's a whole lot of eyebrow-raising statistics surrounding this report. Rival Fiat group has been looking for ways to raise capital to keep both itself and Chrysler going, and selling stake in Ferrari has been tipped as a possible avenue. Reports have also linked Volkswagen - which reportedly has some $27 billion in cash on hand - with a possible Alfa Romeo takeover.

For his part, Fiat/Chrysler CEO Sergio Marchionne says neither is on the table, but Volkswagen chairman Ferdinand Piech has shown us nothing if not a penchant for buying up any brands he fancies. Given the fact that Fiat needs cash and Volkswagen is willing to spend, we wouldn't rule anything out just yet.

[Source: Automotive News - Sub. Req.]

Report: Volkswagen eyeing Ferrari stake? originally appeared on Autoblog on Thu, 11 Nov 2010 13:29:00 EST. Please see our terms for use of feeds.

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Report: Ferdinand Piech finalizes will that protects his VW/Porsche shares from the kids

Jeff Glucker — Tue, 21 Sep 2010 10:01:00 EST

Filed under: Etc., Volkswagen, Earnings/Financials

Ferdinand Karl Piëch, head of the Volkswagen Supervisory Board and grandson of Ferdinand Porsche, knows that nothing lasts forever - especially, life. The VW boss man has his mind on his money while his family has his money on their minds.

Piëch, born in 1937, has recently shifted his holdings into two Austrian foundations; Ferdinand Karl Alpha and Ferdinand Karl Beta. The reason behind this move is to protect the company in the event of his death. That's to say, if he dies his family can't start selling off shares like platinum hot cakes. His wife Ursula Piëch will assume control of the foundations upon his passing.

As stipulated in his will, the assets can be sold only when the managing board, the advisory board of the trust and at least nine of Piëch's 12 children all provide a "yes" vote. As you would expect, some members of the family are a little miffed. Also, under the stipulations presented in the will, Mrs. Piëch is not allowed re-marry or divorce Ferdinand after he passes on. If she does go out and find a new hubby, she gives up control of the foundations.

[Source: FOCUS via The Truth About Cars | Image: Nigel Treblin/AFP/Getty]

Report: Ferdinand Piech finalizes will that protects his VW/Porsche shares from the kids originally appeared on Autoblog on Tue, 21 Sep 2010 10:01:00 EST. Please see our terms for use of feeds.

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Rumormill: Volkswagen interested in Ducati... still

Jeremy Korzeniewski — Thu, 15 Oct 2009 08:59:00 EST

Filed under: Volkswagen, Earnings/Financials, Motorcycle, Rumormill

Ducati 1098R - Click above for high-res image gallery

Rumors of a possible motorcycle brand for Volkswagen aren't anything new. It's a well-known fact that Ferdinand Piëch, Chairman of Volkswagen's Board, wishes that the German automaker had purchased Ducati back in 1985 when the Italian bike manufacturer was in dire financial shape.

As recently as last year, Piëch - himself a Ducati rider even at age 72 - commented that Volkswagen could still purchase an unnamed motorcycle manufacturer if the conditions were right. Strike up the rumormill again, boys and girls. The Italian motoring press is reportedly signaling that Volkswagen is making renewed overtures toward Ducati, which, like pretty much all other motorcycle manufacturers these days, is seeing sales and profits take a dive due to the sorry state of the global economy.

Just a few weeks back at the Frankfurt Motor Show, Piëch indicated that the Volkswagen Group was looking to expand, and some took that to mean it would procure a sizable stake in Suziki, another long-rumored target of the German automaker. KTM, maker of the bonkers X-Bow roadster, has also been bandied about as a potential partner. So, is there any truth to the two-wheeled VW rumors? We'll see how it all pans out soon enough, but we're not exactly holding our breath.

Gallery: Ducati 1098 R

[Source: Clutch and Chrome]

Rumormill: Volkswagen interested in Ducati... still originally appeared on Autoblog on Thu, 15 Oct 2009 08:59:00 EST. Please see our terms for use of feeds.

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Volkswagen reportedly comes to terms with Stuttgart leadership to absorb Porsche

Sam Abuelsamid — Sat, 18 Jul 2009 15:06:00 EST

Filed under: Porsche, Volkswagen, Earnings/Financials

The family soap opera surrounding the attempted takeover over of Volkswagen by Porsche may soon conclude if a reported deal is approved next week. Porsche SE, the holding company that owns automaker Porsche AG, has attempted to secure its independence by acquiring a controlling interest in Volkswagen. Unfortunately for Porsche, the economic downturn has put the company in danger of insolvency thanks to a hefty debt load.

In the midst of all the financial maneuverings, a personal drama has steadily unfolded as well. Porsche is controlled by the descendants of Ferdinand Porsche's children, Ferry Porsche and Louise Piëch. The leaders of the Porsche and Piëch branches of the family, Wolfgang Porsche and Ferdinand Piëch, have been at odds throughout this entire process. Piëch is chairman of VW's supervisory board, while cousin Wolfgang holds a similar position at the family business. As the sequence of events progressed, it appeared that Wolfgang Porsche was trying to oust his cousin, while Ferdinand Piëch was trying to eliminate Porsche CEO Wendelin Weideking.

It now appears that the two companies have reached an agreement that will allow Porsche SE pay off much of its €10 billion+ debt. If approved, Volkswagen would pay €8 billion for Porsche in two stages. The first would give VW 49.9%, with the rest coming at a later date.

[Source: Reuters | Image: David Hecker/Getty]

Volkswagen reportedly comes to terms with Stuttgart leadership to absorb Porsche originally appeared on Autoblog on Sat, 18 Jul 2009 15:06:00 EST. Please see our terms for use of feeds.

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Did Porsche, Piech punt VW CEO?

Stuart Waterman — Thu, 09 Nov 2006 07:54:00 EST

Filed under: Hirings/Firings/Layoffs, Audi, Porsche, Volkswagen

The surprise resignation of Volkswagen CEO Bernd Pischetsrieder may have been orchestrated by VW Chairman Ferdinand Piech (grandson of Ferdinand Porsche) and major VW shareholder, Porsche.

Analysts have long speculated that Piech was grooming Audi CEO Martin Winterkorn as Pischetsrieder's replacement, while Porsche's 20-percent holding in VW saw Porsche CEO Wendelin Wiedeking gain a seat on the VW supervisory board, alongside Porsche's CFO.

Tuesday's move has analysts speculating that Porsche may expand its influence over VW by increasing its stake enough to gain a third board seat, with some investment bankers going so far as to suggest that Porsche may attempt to buy VW outright, or to swap its stake in VW for control of Audi.

[Source: Automotive News - reg. required]

Did Porsche, Piech punt VW CEO? originally appeared on Autoblog on Thu, 09 Nov 2006 07:54:00 EST. Please see our terms for use of feeds.

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Volkswagen CEO Bernd Pischetsrieder's job is safe -- for now

Stuart Waterman — Fri, 21 Apr 2006 09:10:00 EST

Filed under: Trends, Europe, Plants/Manufacturing, Volkswagen

The two-day meeting of Volkswagen's supervisory board ended with the subdued endorsement of CEO Bernd Pischetsrieder (at right) and his ForMotion restructuring plan, with a pronouncement by chairman Ferdinand Piech approving a five-year extension to Pischetsrieder's contract seemingly likely.

Perhaps responding to saber-rattling by Germany's powerful unions, the board gave lukewarm approval to the restructuring program that threatens up to 20,000 jobs at VW's German plants. Meanwhile, a German newspaper cited VW sources as saying that fully half of the jobs (a total of 50,000) at the company's plants in western Germany are redundant. There seems little chance that VW will shift production to its underutilized German plants - the company confirmed that not only did it not plan to close its manufacturing facility in Belgium, but it is going ahead with plans to build a new facility in Russia, with capacity for 115,000 vehicles a year.

[Source: Reuters, Volkswagen AG]

Volkswagen CEO Bernd Pischetsrieder's job is safe -- for now originally appeared on Autoblog on Fri, 21 Apr 2006 09:10:00 EST. Please see our terms for use of feeds.

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