Word: volkswagenwerk
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...years companies have been buying the loyalty of their work forces by offering bonuses for superior workmanship or exceeding production quotas. Last week Volkswagenwerk AG turned the bonus idea completely around by offering to pay employees at four of its six West German plants up to $3,600 for their immediate resignations. The company has been hit by a serious sales slump, and is trying to trim its workforce in the nicest way possible. Of the 106,000 eligible employees, only the first 2,700 to apply will be able to collect the payments, which include one month...
Worldwide sales of Volkswagenwerk AG have slumped 21.6% so far this year, and officials openly predict that the company in 1974 will suffer the first full-year loss in its history. (Profits in 1973 were $40 million; at their peak in 1966 they totaled $151 million.) Last week Volkswagen closed down most of its West German plants and gave 45,000 workers a two-week furlough with partial...
...charge of this transformation is Rudolf Leiding, 59, a onetime repair-shop manager who became chairman of Volkswagenwerk three years ago. Though 5,500 Beetles had continued rolling off the assembly lines each day until last week's shutdown, Leiding has been gradually shifting some of Volkswagen's eggs out of the Beetle basket. Volkswagen's subsidiary, Audi NSU Auto Union AG, formed in 1969, now offers medium-priced and expensive (up to $5,360) sedans, most notably the Audi 80, called the Fox in the U.S. Sales of these cars are rising faster than anything else...
...purchase German bonds with the marks. Some are the chiefs of the increasingly rich and powerful Middle Eastern oil countries. The most potent are the financial officers of multinational corporations, who do not want to tell stockholders that they lost millions by holding onto dollars that fell in value. Volkswagenwerk is said to have saved as much as $60 million by switching some $500 million from dollars into marks in the summer before the Smithsonian agreement. Businessmen can accomplish much "speculation" by the usually praiseworthy expedient of paying their bills promptly and in full. A U.S. executive buying Japanese structural...
...months, Germany's perennially astonishing Volkswagenwerk will roll out the 13 millionth copy of the car that is known at Wolfsburg as "Type 1" -and to the rest of the world as "the beetle." The builders of the bug are less exultant over another statistic, however. Type 1, first manufactured in 1945, has already exceeded by five years the 19-year production span of Henry Ford's Model T-the Tin Lizzie that old Henry kept on too long, until it nearly carried him to ruin. Demand for the beetle remains strong, but VW fears getting stuck with...