Ferdinand Piech News
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Audi AG, the world’s second-largest maker of luxury cars, said high-performance cars like the RS5, as well as the new version of the A3 compact, will help propel sales this year amid intensifying economic headwinds.
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The decision by Deutsche Lufthansa AG’s supervisory board to back Wolfgang Mayrhuber’s aspirations to become chairman against investor opposition shows the hurdles in dismantling the chief executive-to-chairman German model.
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Volkswagen AG, Europe’s biggest automaker, aims to offset plunging European demand this year by rolling out 60 new and updated models, including luxury cruisers like the Bentley Flying Spur.
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Hedge funds and institutional investors seeking 4 billion euros ($5.2 billion) from Porsche SE over its failed takeover of Volkswagen AG may be hoping, unlike most plaintiffs, that three German civil court suits take a long time to resolve.
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Ferdinand Piech, who has added six brands during his two-decade tenure leading Volkswagen AG, is about to add another with the purchase of Ducati Motor Holding SpA. This time he risks overreaching.
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Volkswagen AG nominated Ferdinand Piech for a third term as supervisory board chairman and proposed that his wife join the board as the Piech-Porsche family solidifies its sway over Europe’s largest carmaker.
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Ferdinand Piech, the mastermind of Volkswagen AG’s strategy to become the world’s biggest automaker, has the support of the German company’s supervisory board for a third term as chairman, according to two people with direct knowledge of the situation.
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When Ferdinand Piech took charge of Volkswagen AG 20 years ago, the carmaker was losing almost 1 billion euros ($1.24 billion) with its sales tied to the fortunes of the European economy.
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Volkswagen AG Chairman Ferdinand Piech said the company’s sales in China will grow at least 9 percent in 2013 after expanding 10 percent or more this year, driven by consumers buying their first cars.
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Volkswagen AG workers boosted their influence at Europe’s largest carmaker after receiving 2 percent of VW’s voting rights from the Piech-Porsche family.
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