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Volkswagen Ag

BUSINESS
July 21, 2003 | From Bloomberg News
Volkswagen, Europe's largest carmaker, plans to cut nearly 4,000 jobs in Brazil because of a weak auto market in the country. The reduction amounts to 16% of Volkswagen's Brazilian workforce of 25,000. Staff at two factories, in Taubate and Anchieta, will be affected, the company said. It employed 325,000 workers worldwide at the end of last year. "The difficult situation on the Brazilian market forces us to make significant cuts," Volkswagen board member Peter Hartz said.
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BUSINESS
July 5, 2003 | From Associated Press
Union workers at Mexico's Volkswagen plant have agreed to negotiate salary cuts to avoid the layoffs of 2,000 employees, a union spokesman said Friday. Labor leaders will propose shrinking the workweek to four days from five and cutting salaries 20%, spokesman Miguel Galan said. Talks are scheduled to begin Monday. Volkswagen announced this week that daily production would be cut by 23% as of August, leading to the possible layoffs of 2,000 workers.
BUSINESS
May 8, 2003 | From Associated Press
Automaker Volkswagen's profit fell by two-thirds in the first quarter as new-model costs and a weaker dollar hurt the bottom line. Net profit fell to $228 million, a drop of nearly 68%. Sales fell 2.7% to $23.4 billion.
AUTOS
January 22, 2003 | Rick Popely, Chicago Tribune
A new Big Three is gearing up to capture the hearts and dollars of well-heeled American car buyers. Instead of General Motors, Ford and Chrysler, the battle is among German manufacturers -- Volkswagen, Mercedes-Benz and BMW -- who are taking over the ultra-luxury market. Volkswagen bought Rolls-Royce and Bentley in 1998, but BMW scored a coup by acquiring rights to the Rolls-Royce name. BMW allowed VW to use the Rolls-Royce name for five years.
BUSINESS
August 8, 2002 | Reuters
Volkswagen said it was ending U.S. sales of the Cabrio, the boxy but beloved two-door ragtop known as the Rabbit convertible when it made its U.S. debut nearly 25 years ago. The car, which replaced the original Beetle convertible when its first went on sale in the U.S. in 1979, now will be replaced by the 2003 model New Beetle convertible, the statement said. More than 13,000 Cabrios, also known as Cabriolets, were sold in the U.S. last year.
BUSINESS
July 31, 2002 | Associated Press
Volkswagen's profit rose 24% in the second quarter as cost savings outweighed a drop in sales. But Europe's biggest car maker lowered its full-year forecast on worries about economic growth in the United States and Europe. Net profit rose to 776 million euros from 624 million euros in the year-earlier period, beating analysts' expectations. Volkswagen shares rose 3% in Frankfurt. Pretax profit--the yardstick the company and many analysts use--came in at 1.27 billion euros for the quarter.
BUSINESS
January 21, 2002 | CHRIS KRAUL, TIMES STAFF WRITER
After threatening to cut its investment in Mexico after losing a bitter labor dispute last summer, Volkswagen has decided to proceed with expansion plans at its Puebla complex. The German auto maker is continuing with a $1-billion, five-year plan to bolster its only North American manufacturing facility, despite having said in September that its enthusiasm for Mexico had dimmed after a 19-day strike that shuttered operations and a subsequent 14.7% increase in wages and benefits.
BUSINESS
November 24, 2001 | Associated Press
Volkswagen, Europe's biggest auto maker, announced management shifts and a reorganization of its sprawling range of brands in an effort to sharpen the image of its cars and boost production efficiency. VW said its supervisory board approved a strategy splitting the brands into two groups: a sporty one comprising Audi, Lamborghini and Seat; and one bundling the more traditional Volkswagen, Skoda, Bentley and Bugatti.
BUSINESS
November 13, 2001 | Bloomberg News
Workers at Volkswagen's biggest factory in Brazil began a strike to protest the firing of 3,000 employees, halting 40% of the German company's production in the country. The Anchieta plant's 13,500 workers walked off the job after rejecting a last-minute proposal by VW to fire half as many people. Europe's largest car maker is trying to cut costs after sales slumped in Brazil and as it invests $840 million to start producing the new Polo car at the factory.
BUSINESS
November 9, 2001 | Associated Press
Volkswagen announced it was laying off 3,000 workers at one of its main Brazilian automobile factories, or 19% of the workers employed at the facility, after unions rejected a management proposal to save jobs by reducing hours and pay. Volkswagen Brazil said 3,000 of the 16,000 workers at its Anchieta factory in Sao Paulo's industrial hinterland would be laid off Monday. VW employs about 28,000 people in Brazil.
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