Volkswagen Group plans restructuring

Volkswagen Group plans restructuring

March 1, 2020 0 By autotimesnews

The Volkswagen Group said it offered to buy back the shares of minority shareholders in its premium brand Audi.

“In the context of the reorganization of competencies and responsibilities, Volkswagen AG intends to“ squeeze ”in accordance with the German law on joint-stock companies in order to acquire 0.36% of Audi shares,” the Audi and VW Group press release said.

Audi was a major research center at the VW Group, setting standards in aerodynamic efficiency, lightweight aluminum construction, dual-clutch transmission technology and all-wheel drive systems.

The brand faced difficulties after it was discovered that the engine management software used to manage the exhaust emissions tests in the VW Group diesel cars was developed by Audi engineers, leading to the dismissal of engineering executives and its long-time CEO Rupert Stadler .