Volkswagen Group
Volkswagen AG, known internationally as the Volkswagen Group, is a German public multinational conglomerate manufacturer of passenger and commercial vehicles, motorcycles, engines and turbomachinery. Headquartered in Wolfsburg, Lower Saxony, Germany, and since the late 2000s is a publicly-traded family business owned by Porsche SE, which in turn is half-owned but fully controlled by the Austrian-German Porsche and Piëch family. The company also offers related services, including financing, leasing, and fleet management. In 2016, it was the world's largest automaker by sales, and keeping this title in 2017, 2018, and 2019, selling 10.9 million vehicles and was the largest automaker by revenue in 2022. It has maintained the largest market share in Europe for over two decades. It ranked seventh in the 2020 Fortune Global 500 list of the world's largest companies. In 2023, Volkswagen Group ranked 29th in the Forbes Global 2000.
Some of the key events about Volkswagen Group
- 1937Founded as a state-owned enterprise to produce affordable cars for the German people
- 1937The company was founded under Nazi Germany to produce the "people's car" (Volkswagen)
- 1945Resumed production of civilian vehicles after World War II, contributing to Germany's economic recovery
- 1945The Volkswagen factory used forced labor during World War II
- 1955Produced its one-millionth Volkswagen Beetle, marking a significant milestone in automotive history
- 1961Volkswagen established a subsidiary in South Africa during apartheid
- 1965Acquired Auto Union GmbH (now Audi), expanding its brand portfolio
- 1973The company was involved in a price-fixing scandal in Europe
- 1986Acquired a majority stake in SEAT, the Spanish car manufacturer, furthering its international expansion
- 1986Volkswagen was fined for violating U.S. Clean Air Act regulations
- 1991Introduced the Volkswagen Eco-Matic, one of the first cars with an automatic start-stop system for improved fuel efficiency
- 1998Expanded luxury car offerings by acquiring Bentley, Bugatti, and Lamborghini
- 2000Opened the "Transparent Factory" in Dresden, an innovative, glass-walled production facility open to public viewing
- 2002Launched the Touareg, marking Volkswagen's successful entry into the SUV market
- 2005The company was implicated in a bribery and corruption scandal in Germany
- 2015Volkswagen admitted to installing defeat devices to cheat emissions tests, known as the "Dieselgate" scandal
- 2016The company agreed to pay $14.7 billion in a settlement related to the emissions scandal in the U.S.
- 2017Volkswagen pleaded guilty to criminal charges in the U.S. related to the emissions scandal
- 2019Announced a major shift towards electric vehicles, committing to produce 22 million electric cars by 2028
- 2019The company was charged with securities fraud by the SEC for misleading bond investors about its emissions compliance
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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