French Connection
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Volkswagen Group also known as Volkswagen Aktiengesellschaft is the 3rd largest car maker in the world after Toyota and GM and the first one in the Europe. The group consists of 2 divisions: the Financial Services division and Automotive division.
The Automotive division is engaged with developing vehicles and engines. The range of vehicles includes passenger cars, trucks and buses, and commercial cars. Financial Services provide leasing, banking and insurance, dealer and customer financing, are w and fleet management. The group consolidates under its control 342 companies among which there ell-known car names, such as Audi, Skoda, Lamborghini Bentley and Bugatii. The group has got 61 facilities in 21 countries (out of which 15 in Europe) with 370,000 employees all over the world. In 2008 the Group produced 6,346,515 vehicles with sales of 6,271,724 unitsearning in total €113,808 million in revenues. According to the Organisation Internationale des Constructeurs dAutomobiles (OICA) the total world motor vehicle production was 69,561,356. (Source: OICA correspondence survey 2008)The company was founded in 1937 by Ferdinand Porsche and Adolf Hitler with its first model Volkswagen Beetle was designed to meet the needs of the average middle class.
After the World War Second the British Army major Ivan Hirst took the control over the factory and intended to move it to the UK, but British car makers were not interested in it; so it only manufactured vehicles for the British Army, and in 1948 the company was returned to the German state.
From October 2005 to March 2007 Porsche acquired stake in the company and increased it to 30.9% and the intention is for the company to become the top car maker in the world in respect of sales and revenues by 2018. The plan will require the creation of an integrated automotive group under the Volkswagens leadership and ultimately the two companies will merge. The company is listed on the Frankfurt Stock Exchange with its headquarters in Wolfsburg, Germany.