Word: piech
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...they delivered an outsized 27% of its $5.4 billion operating profits. And VW clearly aims higher: around one-third of its $1.6 billion global ad budget is spent in the U.S. The man in charge of revving up Volkswagen is CEO Bernd Pischetsrieder, who took over from domineering Ferdinand Piech in April 2002. A personable, goateed man who ran BMW from 1993 to 1999, Pischetsrieder, 55, knows he must do something to shake up the company's North American sales. But he is pursuing a risky strategy inherited from Piech - pushing his flagship brand into the U.S. luxury arena, where...
Just down the autobahn in Wolfsburg, however, Volkswagen has built a theme park that is drawing twice as many visitors as expected, along with rave reviews. Autostadt, or Auto City, is the brainchild of VW chairman Ferdinand Piech. Conceived as a place for VW customers to pick up their new cars, the center quickly grew into the EuroDisney of the automobile. Unlike other theme-park planners, Piech never intended Autostadt to become profitable. The $400 million cost was written off as a marketing expense. Piech hopes Autostadt's revenues will cover its operating expenses next year...
...project for GM but jumped ship after the company decided to put his dream plant in Hungary rather than in his hometown of Amorebieta, Spain. Volkswagen had wooed Lopez with promises to build his | plant in Amorebieta, but the dismal state of European car sales forced VW chairman Ferdinand Piech to suspend plans for the factory two weeks ago. On top of Volkswagen's $780 million first-quarter loss and bleak prospects for the rest of the year, Piech could hardly justify the ambitious project...
Neither Volkswagen nor Lopez would comment on the Opel documents, but Piech lashed back at GM in a more personal way. In an interview with the German newspaper Die Welt, Piech implied that Louis Hughes, who heads GM Europe, was waging a vendetta because he lost out to Piech last year in the runoff to be Volkswagen's chairman. Hughes may have the last laugh: if GM makes its charges stick, predicts industry analyst Klaus-Jurgen Meltzner, "either Lopez or Piech would have...