Who Owns Volkswagen: A Comprehensive Overview
Introduction
Volkswagen is a global automotive company that has been in operation for over eight decades. The company is headquartered in Wolfsburg, Germany and has a presence in over 150 countries worldwide. In this article, we will provide a comprehensive overview of who owns Volkswagen, its ownership structure, the Volkswagen scandal, key financial figures, business segments, corporate governance, environmental and social responsibility, future outlook, and its impact on society.
Volkswagen’s Ownership Structure
Volkswagen is owned by several shareholders, with the Porsche and Piëch families being the largest shareholders. The Porsche and Piëch families are descendants of Ferdinand Porsche, the founder of the Porsche brand. As of 2021, the Porsche and Piëch families own 53.1% of Volkswagen’s shares. The remaining shares are owned by institutional investors, including investment funds and pension funds.
The Volkswagen Scandal
In 2015, Volkswagen was embroiled in a scandal that came to be known as the “Dieselgate” scandal. The scandal involved the installation of software in Volkswagen diesel vehicles that could cheat emissions tests. The scandal led to the resignation of Volkswagen’s CEO and several other high-ranking executives. Volkswagen was also fined billions of dollars and faced legal action from governments and customers worldwide.
Volkswagen’s Key Financial Figures
Volkswagen is one of the largest automotive companies in the world, with revenues of €222.9 billion in 2020. Volkswagen’s net income for 2020 was €8.8 billion. In terms of global market share, Volkswagen is the second-largest automotive company, with a 10.6% market share in 2020. The company’s major competitors include Toyota, General Motors, and Ford.
Volkswagen’s Business Segments
Volkswagen has several business segments, including passenger cars, commercial vehicles, power engineering, and financial services. The passenger cars segment is Volkswagen’s largest segment, and includes the Volkswagen, Audi, Seat, Skoda, Bentley, and Lamborghini brands. The commercial vehicles segment includes the MAN and Scania brands.
Volkswagen’s Corporate Governance
Volkswagen’s management structure is overseen by a board of directors, which is responsible for setting the company’s strategic direction and supervising its management. Volkswagen’s board of directors is made up of representatives from the company’s shareholders, as well as independent members. Volkswagen also has a code of conduct that sets out its ethical and legal standards.
Volkswagen’s Environmental and Social Responsibility
Volkswagen has made a commitment to sustainability and has launched several environmental initiatives, including a plan to become carbon-neutral by 2050. The company has also launched several social responsibility initiatives, including the Volkswagen Foundation, which supports research in the fields of science and technology.
Volkswagen’s Future Outlook
Volkswagen has made significant investments in electric vehicles, with a plan to launch 70 electric vehicle models by 2028. The company has also made investments in autonomous driving technology and plans to launch a self-driving vehicle by 2025. Volkswagen is also looking to expand its presence in emerging markets, such as China and India.
Volkswagen’s Impact on Society
Volkswagen has a significant impact on society, both in terms of its employment impact and its impact on the automotive industry. Volkswagen employs over 670,000 people worldwide, making it one of the largest employers in the automotive industry. The company’s contributions to society include investments in education, environmental initiatives, and social responsibility programs.
Conclusion
In conclusion, Volkswagen is a global automotive company with a complex ownership structure. The Porsche and Piëch families are the largest shareholders in the company, and the company has faced significant challenges in recent years due to the Dieselgate scandal. However, Volkswagen has made significant strides in recent years to improve its corporate governance, environmental and social responsibility, and financial performance. The company’s future outlook looks promising, with a strong commitment to electric vehicles and investments in autonomous driving technology. Volkswagen’s impact on society is significant, with a large global workforce and contributions to education, environmental initiatives, and social responsibility programs.
FAQs
Who owns Volkswagen?
The Porsche and Piëch families are the largest shareholders in Volkswagen, owning 53.1% of the company’s shares.
What is the Volkswagen scandal?
The Volkswagen scandal, also known as Dieselgate, involved the installation of software in Volkswagen diesel vehicles that could cheat emissions tests. The scandal led to the resignation of Volkswagen’s CEO and several other high-ranking executives, as well as significant fines and legal action.
What are Volkswagen’s key financial figures?
In 2020, Volkswagen had revenues of €222.9 billion and a net income of €8.8 billion. The company has a 10.6% global market share.
What are Volkswagen’s business segments?
Volkswagen has several business segments, including passenger cars, commercial vehicles, power engineering, and financial services.
What is Volkswagen’s commitment to environmental and social responsibility?
Volkswagen has launched several environmental initiatives, including a plan to become carbon-neutral by 2050. The company has also launched several social responsibility initiatives, including the Volkswagen Foundation, which supports research in science and technology.
What is Volkswagen’s future outlook?
Volkswagen is making significant investments in electric vehicles and autonomous driving technology, and plans to expand its presence in emerging markets such as China and India.
What is Volkswagen’s impact on society?
Volkswagen has a significant impact on society, both in terms of its employment impact and its contributions to education, environmental initiatives, and social responsibility programs.