Word: volkswagen
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...market, while the iconic Porsche logo on their steering wheel stares back at them. That's because the venerated Stuttgart sports-car manufacturer on Monday inflicted losses estimated to be as high as $38 billion on hedge funds, banks and other investors who had been short-selling Volkswagen stock. It was more than just patriotic fervor that got Germans cheering this week when shares in VW shot up to more than $1,276, making it, for a few minutes on Tuesday, the most valuable company in the world. It was plenty of schadenfreude, too, directed at these big foreign investor...
...their lowest level in 25 years, industry experts predict. According to J.D. Power, automakers will sell 10.8 vehicles at retail (fleet sales will add another 2.8 million). That's a drop of more than 15% from 2007. "Nobody's is coming into the showrooms," notes a senior official from Volkswagen of America...
...collaborated with Ford on building new transmission and has worked with Chrysler and BMW in developing hybrid vehicles. Chrysler spokeswoman Lori McTavish said that Chrysler entered into a partnership with Nissan earlier this year to build trucks for the Japanese automaker. Last month, the company began building minivans with Volkswagen North America. VW is already marketing the Chrysler-built minivans with slick new ad campaign featuring Brooke Shields...
...that spells trouble for the likes of BMW, Mercedes Benz, Porsche, Volkswagen, Ford Europe and General Motors' Europe arm, Opel. Ferdinand Dudenhoffer, a respected industry analyst, predicts that the number of new German cars delivered to customers in 2008 will fall by at least 100,000 units to around 3.1 million, and will likely slip below three million next year. As a result, he says, German car companies will have to cut up to 20,000 jobs over the coming year...
...course, the R8 is also more expensive than most Porsches, and Porsche recently became Volkswagen's biggest shareholder. But, says John Wormald, managing partner of consultants Autopolis, because Porsches and the R8 occupy different niches, "they don't cannibalize each other...