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Volkswagen CEO Martin Winterkorn resigns amid diesel scandal

Volkswagen CEO Martin Winterkorn is stepping down amid charges the company manipulated its diesel-powered cars to meet emissions regulations around the world, the automaker announced Wednesday. No successor was immediately announced, though recommendations will be made at VW's board meeting Friday. Winterkorn, 68, has led VW since 2007 and oversaw the German automaker's staggering growth around the world. His departure comes less than a week after the EPA alleged the company has been cheating on diesel emissions testing for years, and that its cars might emit 40 times more pollution than legally allowed. The EPA says about 482,000 vehicles are affected in the United States, and VW estimates at least 11 million vehicles globally might have the software that allows the vehicles to cheat emissions regulations. "As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group," Winterkorn said in a statement. "I am doing this in the interests of the company even though I am not aware of any wrongdoing on my part. "Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation." Winterkorn stepped down after an executive committee meeting of the VW Supervisory Board Wednesday. The committee agreed Winterkorn had no knowledge of wrongdoing. "The executive committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally," VW said in a statement. Volkswagen is conducting an internal review and expects more "personnel consequences" in the coming days. It also will voluntarily submit a complaint to the state prosecutor's office in Brunswick, Germany, and cooperate with the expected criminal investigation. Winterkorn's departure is the latest development in VW's burgeoning diesel emissions scandal. It came to light last week after the work of researchers at West Virginia University detailed the software manipulation designed to skirt EPA tests, and it has resounded as governments around the world examine Volkswagen's diesel vehicles. The company set aside $7.3 billion to deal with the fallout and has retained the law firm that defended BP during its oil spill.

VW makes $23K on every Porsche sold, more than Bentley or Lamborghini

It's a good time to be in the luxury car business. In Volkswagen Group's financial report for the 2013 fiscal year, it is revealed that that Porsche enjoyed an operating margin of 18 percent. That means the Stuttgart brand made on average about $23,200 per car sold, according to BusinessWeek. Bentley wasn't far behind, and Audi (which was combined with Lamborghini) posted a 10.1 percent margin. This compares to only around 2.9 percent for the Volkswagen brand.
"Luxury brands are on fire," said Dave Sullivan, an industry analyst at AutoPacific. He said that the average profit margin is between six and eight percent. Brands like Porsche and Bentley have the benefit of competing in rarefied markets. Buyers looking at one their vehicles have fewer models to shop against and don't care as much about price. They can also charge more for options, which further boosts income, according to BusinessWeek.
In a way, we should be more impressed by the continued success from Audi. Its models generally have direct competitors in every segment from the other premium automakers. Plus, their buyers aren't the captains of industry who are shopping for a Bentley. Still, the Four Rings is leading rivals in sales so far this year.

VW chair says component cost decrease keeps him confident of EV success

Volkswagen AG is in the middle of implementing a comprehensive electric vehicle strategy, one that we've been documenting for a long time. The Group stands ready to offer dozens of plug-in vehicles in the coming years if it feels there is sufficient demand and believes that selling a million EVs in Germany by 2020 is reasonable. That would be a solid number, but remember that VW sold over 5,923,000 passenger cars around the world last year, and the group as a whole sold over 9.7 million. At the company's annual Media Conference and Investor Conference in Berlin recently, the chairman of the board of VW AG - surrounded by some decidedly non-green examples of the VW Group's vehicles (some absurd new Bugatti, for example) - took some time to put the company's EV plans into focus. The upshot is that Dr. Martin Winterkorn is still guiding his electromobility ship into new waters, saying that "many more [plug-in] models will follow." Winterkorn said there are three main reasons he is confident in the ability of VW (and Audi and Porsche, at the very least) to push EV sales upward. Batteries are getting better, he said, and if the ranges can be extended, then customers are happy. But the real secret lies in reducing component costs. He said (as translated): It is important to look at the cost of the components: the battery technology, the electric motor and the electric components. Whenever you go into volume production, you of course have economies of scale. In two to three years' time, if we are able to achieve the goals we are setting for ourselves with cost and reach sufficient volume, I do believe that we can achieve two to three percent [market share] within VW Group. So, hitting a million EVs by 2020 is reachable. With the e-Golf and the e-Up off to excellent sales starts, we're willing to be confident as well.