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BUSINESS
March 16, 1987 | Associated Press
The chief financial officer of Volkswagen AG resigned following an investigation of charges that fraudulent foreign exchange deals cost the auto maker many millions of dollars, officials said Sunday. The officer, Rolf Selowsky, 56, resigned Saturday at the request of the company's supervisory board, company spokesman Ortwin Witzel said.
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BUSINESS
April 18, 2012 | By Susan Carpenter
Volkswagen AG's Audi announced Wednesday that it will purchase luxury Italian motorcycle maker Ducati. The German auto manufacturer will pay 860 million Euros, or $1.1 billion, for the Bologna-based company, which in recent years had been courted by Mercedes-Benz and India's largest motorcycle maker, Hero MotoCorp. “Ducati is known worldwide as a premium brand among motorcycle manufacturers and has a long tradition of building sporty motorcycles,” said Rupert Stadler, chairman of the board of management of Audi AG, in a statement released Wednesday.
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BUSINESS
October 27, 2007 | From Times Wire Services
German automaker Volkswagen said its third-quarter profit soared on improved sales in Asia, Europe and South America, along with lower costs for building cars. The company earned 947 million euros ($1.35 million) in the period, compared with 23 million euros a year earlier, beating the 865 million euros that analysts polled by Dow Jones Newswires had predicted. Last year's earnings report included costs from job cuts and streamlining production. Sales rose nearly 4% to 26.1 billion euros ($37.
CALIFORNIA | LOCAL
October 1, 1986 | From Reuters
A fire on an assembly line at West Germany's major auto maker Volkswagen AG halted production Monday for several hours and caused several million dollars worth of damage, a company spokeswoman said Tuesday. She said the cause of the blaze has not been established.
BUSINESS
December 19, 1989 | From Times Wire Services
West German automotive giant Volkswagen AG said today it expects record profits of about $580 million this year despite market share losses in North America. Volkswagen's executive board said preliminary figures revealed a 10% increase, bringing the concern's total turnover to $38 billion.
BUSINESS
September 13, 1993 | From Times Staff and Wire Reports
GM and Volkswagen Executives Meet: Several top executives of General Motors Corp. and Volkswagen AG met over the weekend, apparently in an attempt to ease tensions between the two auto makers. GM Chief Executive Officer John Smith also met separately with Jose Ignacio Lopez de Arriortua, VW's parts chief and formerly one of Smith's top deputies in Detroit.
BUSINESS
October 4, 1989 | From Times wire services
Volkswagen of America, a unit of Volkswagen AG, said today that it is cutting prices on 1990 model Audis and Volkswagens by up to 12.1% on its Jetta models and by an average of 8.3% on Golfs. It said it will offer no-cost extra equipment on certain models. It said that Audi price reductions will average 8.2% and that all Audis produced after Sept. 1 will feature driver-side air bags as standard equipment. Volkswagen said it will trim prices by 10.2% to 16.
BUSINESS
March 13, 1990 | From Reuters
Volkswagen AG of West Germany unveiled on Monday the biggest joint venture to date of a Western firm with East Germans: a $3-billion agreement to build Volkswagens at sites where East Germany's Trabant autos are produced. One result of the $3-billion deal will be to consign the boxy little Trabant sedan, which became a symbol for East Germany's political upheaval last year, to history by 1993.
BUSINESS
August 30, 2007 | From the Associated Press
Computer maker Apple Inc. and German automaker Volkswagen are discussing the possibility of building an "iCar" that would feature products by the producer of the ubiquitous iPod personal music player. Apple Chief Executive Steve Jobs and Volkswagen CEO Martin Winterkorn met several days ago in California and plan to meet for further discussions, said Hans-Gerd Bode, a spokesman for VW. There are "scores of ideas" but few concrete plans at this point, Bode said.
BUSINESS
July 7, 2007 | From Times Wire Services
Volkswagen is recalling its 2006 Jetta cars with 2.5-liter gasoline engines in the U.S. and Canada because a tab on the windshield-wiper fluid container can rub against a fuel line, possibly causing a leak and fire. The recall affects about 58,900 cars in the U.S. and will begin in August, the National Highway Traffic Safety Administration said. An additional 3,000 Jettas are being called back in Canada.
BUSINESS
March 29, 2007
Porsche completed its acquisition of more shares in Volkswagen for a total stake of 30.9%, triggering a formal takeover offer to VW's shareholders, the German sports car maker said.
BUSINESS
March 26, 2007 | From the Associated Press
Prestige automaker Porsche will increase its stake in Volkswagen, maker of the Beetle, Golf and Jetta, in a widely expected move aimed at keeping the company firmly in German hands. A spokesman for Porsche said the company did not plan to acquire Volkswagen, Europe's biggest carmaker, which is partly owned by the state of Lower Saxony and is looked to as both an industrial powerhouse and a major provider of jobs.
BUSINESS
February 21, 2007 | From the Associated Press
Volkswagen's annual profit more than doubled in 2006, with a gain on the sale of a car rental business helping to offset steep restructuring costs, including thousands of job cuts. The German automaker said it earned 2.75 billion euros ($3.61 billion) in 2006, compared with 1.12 billion euros in 2005. Sales rose 11% to 104.9 billion euros from 94 billion euros a year earlier.
BUSINESS
November 15, 2005 | From Associated Press
Volkswagen said it would stop selling its poor-selling luxury Phaeton sedan in the U.S. market next year. Volkswagen spokesman Tony Fouladpour said U.S. customers would be able to order the Phaeton through February. The company says it wants to concentrate on the Jetta and Passat, which make up three-quarters of its U.S. sales.
BUSINESS
March 11, 1987 | From Times Wire Services
West German auto maker Volkswagen AG said it may have lost up to $266 million through possibly illegal foreign exchange dealings. "Strong suspicions have emerged of punishable acts in connection with currency transactions of Volkswagen AG to the detriment of the company," spokesman Ortwin Witzel said in a statement Tuesday. Although reserves will have to be set aside to cover the possible losses, Witzel said Volkswagen's 1986 earnings will match its 1985 results.
BUSINESS
September 26, 2005 | From Associated Press
Luxury sports-car maker Porsche said Sunday that it planned to acquire a stake of about 20% in Volkswagen, a move aimed at strengthening ties between the automakers and preventing a future hostile takeover of Volkswagen. Porsche said Volkswagen had become "a significant supplier for about 30% of our sales volume," as well as "an important partner in development." The two companies worked together to develop Porsche's Cayenne sport utility vehicle and Volkswagen's Touareg.
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