The man who built Volkswagen into the world’s largest carmaker has died at age 82. Ferdinand Piech became CEO of struggling VW in the 1990s and he successfully returned the automaker to profit and laid the groundwork for its dominance in the sector with his acquisition of Porche. Bloomberg’s Chris Bryant discusses his legacy on “Bloomberg Markets: European Open.” Bryant is a Bloomberg Opinion columnist. The opinions expressed are his own.
Argo AI, Ford’s partner in developing its self-driving system (SDS), launches test drives of its third generation of development prototypes in Detroit. Volkswagen and Ford have announced a $7 billion collaboration on electric and self-driving vehicles. Two test specialists sit in the car as it drives on Detroit's streets.
Frank Witter, chief financial officer at Volkswagen, discusses the importance of China to his business, how a U.S.-China trade agreement would impact the company, enlarging their footprint in the U.S., expansion in China, the drop in sales in Audi and Porsche, the potential for job cuts, an IPO for the trucks division and unlocking value in their sports car division.
We may be witnessing the end of the internal combustion engine. As more and more consumers and investors make the shift to electric vehicles, will Germany’s auto makers be able to adapt in time? BMW and Volkswagen are among those actively looking to expand their offering of electric vehicles.