Wednesday, June 22, 2016

Volkswagen: Due to reconstruction currently limited operation – SPIEGEL ONLINE

Little time? End of the text there’s a summary.


The megalomania had too long in power. But the goal is to excel as the world’s largest carmaker, Volkswagen ignored for years – the efficiency hardly. “The change is our ally, not our enemy,” CEO Matthias Müller says. He builds VW to – a difficult task for a company with twelve brands, 213 billion euros and more than 600,000 employees. If the CEO to investors that his new course on Wednesday at the general meeting in Hanover, he needs strong backing. However, the Supervisory Board is struggling even with change.

Volkswagen boss Müller has many construction sites in the Group – its governing body has become another. Carved in stone always appeared the power of the Porsche and Piëch families as major shareholders and their collaboration with the state of Lower Saxony. Now not only bring the exhaust affair and competitors with new business models the Group to falter, the power structure of the supervisory board also crumbled. Only just before the major shareholder meeting the families and major shareholder Qatar have stopped their plans to overturn the veto of Lower Saxony in important decisions and to overthrow it that way.

Will Volkswagen a strong new start, it needs this in Board of supervisors Group. Given the problems of the group shows: The guards looked the other way too often. Major investors such as hedge funds TCI want pushing Niedersachsen from the Supervisory Board. They demand more neutral inspectors. The country “inhibits Volkswagens change,” warns Arndt Ellinghorst, Autoexperte the Investment Adviser Evercore ISI in London.

Right now, can not afford Volkswagen weakness. A power vacuum, as it has arisen after the resignation of the dominant Supervisory Chefs Piëch, any change in the Group block. “The truce at VW has been only as long as intact as the company grew steadily,” says auto expert Stefan Bratzel from the Fachhochschule Bergisch Gladbach. . Now the problems

exhaust scandal long time worked

multiply example, the Group is struggling with the responsibility of leadership for the exhaust scandal: After the announcement of an investigation of the public prosecutor against Winterkorn and VW brand chief Herbert Diess on suspicion of market manipulation in connection with the VW diesel scandal employs the Supervisory Board prior to the meeting, according to insiders once again the question of whether it proposes the complete board to relieve the shareholders.

After the AGM, VW needs some with manipulated diesel engines with the US authorities on a compromise for the compensation of US car owners. With this in mind ask German politicians VW pilloried because local consumers wait for help. “The diesel scandal is nine months old Record:. Still waiting for consumers to assert their interests,” said Green Party legal expert Renate Künast told SPIEGEL ONLINE. VW Group and the federal government obviously playing for time. Neither the promised arbitration body for new car purchases even indemnities of VW were there, criticized the former minister for consumer protection.

VW CEO Müller comes with its Strategy 2025 to structure, culture and efficiency of the Group. The crisis has exposed the glaring weaknesses of the car manufacturer – and the serious shortcomings of previous years

How much Volkswagen change research costs twice as much as Apple

itself. needs, a glance at the costs: No company in the world spends more on research and development than Volkswagen: Around 15 billion euros can be the Wolfsburg this cost – Apple donated its developers more than half, like Daimler or the pharmaceutical company Novartis <. / p>

“It’s shocking, what went wrong in recent years,” says Ellinghorst. “In his prime Volkswagen has just earned its cost of capital.” Would Volkswagen return to the ratio of expenses to revenues from five years ago, the company could save about 20 billion euros.

The Group brands are fighting more than compared with each other. Although the Group promoted to incorporate many of the same auto parts in different models, the material costs have increased drastically. “Rampant spending behavior, lack of focus on returns, VW has felt too well,” says auto expert Ellinghorst.

CEO Müller demanded more discipline in the company. “All brands and regions must and will contribute to increase efficiency along the entire value chain,” he said. The research and development costs are expected to fall. Müller needs the money for the development of future businesses such as new mobility services, electric mobility, battery technology and self-propelled cars.

Cultural Revolution necessary

The conversion is complex. Because the engineering-driven company must ensure to completely switch – henceforth include primarily software experts in the required number does not have the car company. “VW needs a cultural revolution, to continue to act quickly in the market,” says Stefan Randak, head of the Practice Group Automotive in interim management provider Atreus. The goal of 30 new Elektoauto models that Müller has issued in 2025 was “a high bar.” When electromobility Tesla have five years ahead.

In order to establish new auto company, Müller wants to lower variety of models and makes even question marks. The number of models is expected to shrink from 340 to almost 300, according to insiders. could sift out which brands Müller, is internally unclear.

The CEO would break such a move with the strategy of superintendent and VW About Father Ferdinand Piëch, the Volkswagen brought a collection of twelve brands to current group size. Experts consider the maximum motorcycle manufacturer Ducati and Bugatti dispensable. With the other brands it was Volkswagen managed to put a on different customer groups offer finely tuned. However, the strengths of the brands are among themselves hardly used.

lost

confidence gone

Investors still doubt about whether it succeeds Müller to lead Volkswagen on a road to success , “The capital market still believes in the change of the Group. VW is credited not a lot,” says auto expert Ellinghorst. The exhaust affair, through which the car company suits attracts attention as the recent one US bond investor is long not over. Nevertheless Ellinghorst is confident: “I think the external shock will lead to a change.”

In summary: Volkswagen boss Matthias Müller has to overcome major problems with the auto group. Especially in this delicate moment comes dissension on the board. It is still unclear whether the strategy succeeds pivot. The German policy also comes criticism.

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