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Winterkorn remains CEO of Volkswagen's majority shareholder

Martin Winterkorn may have stepped down as the chief executive of Volkswagen in the wake of the diesel emissions scandal, but he's not out from under the company's large umbrella just yet. In fact, according to a report from Reuters, he still holds four top-level positions not only within the industrial giant's bureaucracy, but at the top of it. And one of those is as CEO of the company's largest shareholder. That holding company is Porsche SE, the investment arm of the Piech and Porsche families (Ferdinand Porsche's descendants) which holds over 50 percent of VW's shares. In 2008, Porsche SE acquired majority interest in the Volkswagen Group which in turn acquired Porsche the automaker – and placed VW's Winterkorn at the head of the executive board of the holding company. Though Winterkorn has resigned from his position as chairman of VW's management board, he has apparently yet to step down from running Porsche SE. That's not the only job that Winterkorn still retains in VW's senior management. He also continues to serve as chairman of Audi, as well as truck manufacturer Scania, and the new Truck & Bus GmbH into which Scania has been grouped together with Man. It remains unclear if or when Winterkorn might resign from those positions as well, or how his tenure in those posts might affect the company's effort to start over in the aftermath of the scandal in which it is currently embroiled. Also unclear, Reuters reports, is how much, exactly, Winterkorn will receive in compensation after having stepped down from his chair at the head of the VW executive board. His pension is reported at over $30 million, but he could be awarded a large severance package as well amounting to as much as two years' worth of his annual compensation, which amounted to around $18 million last year. Whether he receives the severance pay or not is expected to depend on whether his resignation is considered by the supervisory board to have been the result of his own missteps or independent of the situation that resulted in his resignation. One way or another, he's not likely to go poor anytime soon.

Coronavirus prompts VW to stop production throughout Europe

FRANKFURT — Volkswagen Group, the world's biggest carmaker, is suspending production at factories across Europe as the coronavirus pandemic hits sales and disrupts supply chains, the company said on Tuesday. The German carmaker, which owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda brands, also said that uncertainty about the fallout from coronavirus meant it was impossible to give forecasts for its performance this year. "Given the present significant deterioration in the sales situation and the heightened uncertainty regarding parts supplies to our plants, production is to be suspended in the near future at factories operated by group brands," Chief Executive Herbert Diess said on Tuesday. Volkswagen's powerful works council concluded it was not possible for workers to maintain a safe distance from each other to prevent contagion and recommended a suspension of production at its factories from Friday. Production will be halted at VW's Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy before the end of this week, Diess said. Most of its other German and European factories will prepare to suspend production, probably for two to three weeks, while Audi said separately it would halt output at its plants in Belgium, Germany, Hungary and Mexico. Volkswagen's vast factories in Chattanooga, Tennessee, in Puebla, Mexico, and plants in Brazil were not affected, but that would depend on how the coronavirus spreads, VW said. Volkswagen has 124 production sites worldwide of which 72 are in Europe, with 28 in Germany alone. "2020 will be a very difficult year. The coronavirus pandemic presents us with unknown operational and financial challenges. At the same time, there are concerns about sustained economic impacts," Diess said.   Production in China resumes Volkswagen Group sold 10.96 million vehicles last year, putting it ahead of Toyota based on the latest figures from the Japanese carmaker. Globally, VW employs 671,000 people and it delivered 4.86 million vehicles to European customers in 2019. Only last month the car and truck maker based in Wolfsburg, Germany, predicted that vehicle deliveries this year would match 2019 sales and forecast an operating return on sales in the range of 6.5% to 7.5%. "The spread of coronavirus is currently impacting the global economy. It is uncertain how severely or for how long this will also affect the Volkswagen Group.

Audi boosts A3 Sportback e-tron plug-in hybrid production to 50 a day

Should we try to translate "Damn the torpedoes, full speed ahead" into German? Audi might force us to do that. That's because the German automaker has stepped up production of its new plug-in vehicle – the A3 Sportback e-tron plug-in hybrid – which is never a bad thing. Audi was circulating prototypes of the PHEV as early as 2012 and launched production this summer at a clip of 30 vehicles a day. Now, the company is saying that it's upped that daily production rate to 50. That's not exactly Ford F-150 manufacturing territory, but it's a pretty good sign that more Europeans are clamoring for the plug-in than Audi expected. The A3 E-Tron is priced at about $51,000 in Germany and pairs a 1.4-liter gas-powered engine with an electric motor to produce 204 horsepower and get the car from 0 to 60 miles per hour in less than seven and a half seconds. More impressively, the A3 Sportback e-tron plug-in hybrid can go 30 miles on electricity alone plus another 550 miles on gas power, and gets a Euro-based fuel-economy rating of a monstrous 156 miles per gallon. Check out Audi's press release below and take a look at our drive impressions here. On the line and on time: Production of the Audi A3 Sportback e-tron • First plug-in hybrid model drives off the assembly line in Ingolstadt • Assembly processes integrated into the A3 line • Maximum safety for employees, top quality for customers Production of the Audi A3 Sportback e-tron: Assembly – On the engine and component assembly line, the electric motor and transmission are fitted to the engine. Approximately 50 cars every day, with the same timing and on the same assembly line as the other models: Audi is now ramping up production of the Audi A3 Sportback e-tron*. The premium manufacturer is producing its first plug-in hybrid model at the brand's main plant in Ingolstadt. "We started series production of the Audi A3 Sportback e-tron in the summer," said Dr. Hubert Waltl, Board of Management Member for Production at AUDI AG. "Most of the assembly work is integrated into the A3 line; no separate manufacturing is necessary. That demonstrates the flexibility and efficiency of our production planners and employees." With the Audi A3 Sportback e-tron, Audi is launching the mobility of the future. The compact five-door combines a 1.4 TFSI combustion engine with a 75 kW electric motor, resulting in a total system output of 150 kW (204 horsepower).