Word: profits
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These quality issues are raising concerns about VW's hold on the North American market--the largest and most vibrant in the world, and a critical one for VW's profit growth. While VW is puttering along in Europe's anemic market--the firm has an 18% share in Western Europe and has sold almost 2 million cars in the first nine months of 2003--it is struggling on this continent. The VW brand's U.S. sales fell 14.6% over that same period, to 221,177, and operating profits in North America shrank to $68 million in the first...
...Volkswagen is CEO Bernd Pischetsrieder, who took over from the domineering Ferdinand Piech in April 2002. A personable, goateed man who ran BMW from 1993 to 1999, Pischetsrieder, 55, is pursuing a risky sales strategy inherited from Piech: pushing his flagship brand into the U.S. luxury arena, where vehicle profit margins are higher than in the mid-priced segment in which VW typically competes. At the same time, he is wringing costs out of manufacturing through design changes and by getting relief from VW's expensive German work force. The firm recently announced that net profit was down...
...Mercedes S Class and the BMW 7 Series, selling less than 8,000 units (in 2002 BMW sold 14,670 7 Series cars in Europe). Equity analysts cite the Touareg and the Touran multipurpose vehicle (MPV) as signs that VW is broadening its mix in Europe, enabling it to profit in hot segments such as SUVs and MPVs and to hedge against downturns in other segments. Some are skeptical. Christopher Will, an analyst at Lehman Brothers in London, describes the Phaeton as a "mistake" and an "irrelevancy." Says Will: "The VW brand could become muddled if the quality issues persist...
...grasp of finance and marketing, hopes to save $3.4 billion over the next five years. Some of the savings will come from sharing more components, like engines, transmissions and ventilation systems, across VW's models and brands. To instill a sense of entrepreneurship and accountability, he has also set profit targets and production goals for project managers...
...acquired California insurer Executive Life, it allegedly did so in breach of U.S. law forbidding foreign banks from acquiring insurers. The two sides have been fighting ever since, and in October, France rejected a $585 million settlement because it didn't give immunity to Pinault - who made a big profit on the deal - or former Crédit Lyonnais CEO Jean Peyrelevade. Pinault, who now owns Gucci, mounted a huge lobbying effort, including face-to-face meetings with President Jacques Chirac. Paris has now made a counter-offer that gives both men immunity; the Los Angeles prosecutor's office will...