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Piech's dismissal from VW came after failed coup to oust Winterkorn

When the Volkswagen board ousted its chairman Ferdinand Piech over the weekend, we knew right away it had something to do with disapproval of chief executive Martin Winterkorn. And now we have more details of how that struggle reportedly came to a head. According to Reuters, Piech undertook a cloak-and-dagger campaign to oust Winterkorn as CEO, even after having publicly endorsed the top executive's leadership of the company. Piech reportedly focused on other members of his family – descendants of Ferdinand Porsche and majority stakeholders in Volkswagen – to install Porsche chief Matthias Mueller as group CEO in Winterkorn's stead. But Piech failed in his campaign, and was given an ultimatum by the board: either show yourself out or we'll kick you out. And so he resigned. A big part of Winterkorn's rescue and Piech's failure reportedly came at the hands of labor representatives on the VW board, like Berthold Huber who was appointed as acting chairman following Piech's departure. That may leave Winterkorn still in charge, but may leave him beholden to the unions even more than before. Winterkorn has been undertaking a concerted campaign to cut overhead costs at VW, but the trade unions have reportedly been blocking many of the steps the chief exec has proposed. The next big question is who will ultimately replace Piech in the long term at the head of the board table. Winterkorn could get the nod, leaving the company to find a new CEO to take his place. Another likely scenario, however, would be another member of the Porsche/Piech family taking the helm and leaving Winterkorn in place. Whether Ferdinand Piech ultimately sells his 13.2 percent stake in the company (likely to other members of his family) or holds on to it and exerts influence behind the scenes is an open question. One way or another, any major appointment at the head of either the management or supervisory board will require support from the Porsche/Piech family, from the works council of labor representatives and from the state government of Lower Saxony, so the process of filling Piech's vacancy will likely prove anything but straightforward. News Source: ReutersImage Credit: Thomas Kienzle/APN Hirings/Firings/Layoffs Volkswagen martin winterkorn

Audi investing $30.3 billion through 2018 for product expansion

How does Audi plan to reach two million units in annual sales and pay for the 11 new models it's adding to its lineup - an expansion that may include models named SQ2, Q9 and F-Tron? By increasing its investment to 22 billion euros ($30.3 billion US) between now and 2018. That figure represents an increase of about 500 million euros over the previously planned outlay, according to a report by Automotive News, and that could be due to Audi wishing to goad the momentum that pushed it to 1.5 million annual sales two years ahead of schedule.
It's also about staving off the challenges from BMW and Mercedes-Benz. Now that BMW has been able to turn some of its attention away from its "i" series of Megacity cars, it will reportedly spend more than planned in 2014 as it continues the rollout of ten all-new vehicles and 15 new-generation vehicles through the end of next year. Mercedes, having been dropped to third in the sales race, is preparing to add 13 new cars over the next six years.
Audi's money is going into technology, into product like the next-generation TT and the Q1 and production expansions and upgrades all over the world. The expenditure represents just under a fourth of Volkswagen's 84.2 billion-euro ($115.7 US) outlay devoted to taking the number-one global automaker title away from General Motors and Toyota by 2018.

VW Diesel Scandal Wrap-up: Time for bullet points

Here we go again. If you were not pegged to your RSS reader yesterday, scoping out all of the VW diesel scandal news, here's a brief rundown of what happened: Just how much extra pollution did VW's little problem cause in the US? New estimates suggest it's as bad as having an additional 19 million cars on the road, or "12,000 additional tons of nitrogen oxide pollutants per year." NOx can create smog and acid rain. The diesel scandal is also reshaping some online ads. Sponsored content in WIRED that talked about clean diesel has been taken down. The advertisement was a partnership between Volkswagen and the Wired Brand Lab and claimed to have, "created an experience that will inform, educate, surprise, and change the way you think about diesel." Canada says it might start up its own governmental investigation and that "enforcement action will be taken," if the automaker is found to have broken the law. The German government says it did not know about VW's subterfuge until recently, and is going to start a fact-finding process this week. It turns out that the first hints of this scandal were discovered by independent researchers in 2012 and 2013. Whatever happened, Renault-Nissan CEO Carlos Ghosn said that it's hard to hide something like this. Following CEO Martin Winterkorn's departure yesterday, speculation is running rampant to see who will replace him. Automotive News says it should be current Porsche CEO Matthias Mueller. Don't feel too bad for Winterkorn, though, as he's still likely to get his $32 million pension, Bloomberg says. Oh, and this isn't even the first time VW has tried to cheat the EPA. It's a problem in the auto industry. We'll see how many bullet points we have tomorrow. Government/Legal Green Volkswagen Emissions Diesel Vehicles vw diesel scandal martin winterkorn matthias mueller pension