Team Maxxim VW Marketing Strategy

Volkswagen AGVolkswagen AG

Marketing Strategy RecommendationMarketing Strategy RecommendationEBA 605, Dr. J. ColemanEBA 605, Dr. J. ColemanSaturday, April 22, 2006Saturday, April 22, 2006

Team Maxxim presents

Volkswagen AG

AgendaAgenda

I.I. Current Situation & TrendsCurrent Situation & Trends

II.II. Performance ReviewPerformance Review

III.III. Key IssuesKey Issues

IV.IV. ObjectivesObjectives

V.V. Marketing StrategyMarketing Strategy

VI.VI. Action PlanAction Plan

VII.VII. Projected Profit-and-Loss StatementProjected Profit-and-Loss Statement

VIII.VIII. ControlsControls

IX.IX. Contingency PlansContingency Plans

Volkswagen AG

Market SituationMarket Situation

Mature passenger car market in North America and Mature passenger car market in North America and EuropeEurope

Sales expected to rise 0.6% and 1.6% for North Sales expected to rise 0.6% and 1.6% for North America and Europe, respectively, through 2009America and Europe, respectively, through 2009

Global passenger car sales are forecast to grow by Global passenger car sales are forecast to grow by around 7 million units through 2009, or just under 3% around 7 million units through 2009, or just under 3% annuallyannually

India and China is expected to account for more than India and China is expected to account for more than half of this growthhalf of this growth

Volkswagen AG

Mil. Vehicles

Fiat/Ferrari

PSA

Nissan

Volkswagen

DaimlerChrysler

Ford/Volvo

GM

Toyota/Daihatsu

8.2

6.8

4.7

6.7

5.2

3.4

2.9

BMW

Honda

1.2

3.0

Renault 2.5

1.9

Source: manufacturer`s data, JAMA.

Car Sales According to Groups, WorldwideCar Sales According to Groups, Worldwide

Volkswagen AG

Global Competitive OverviewGlobal Competitive Overview

*Numbers based on 2004 Marke tshare

Global Top Auto Companies

18%

14%

14%

11%

10%

7%

7%

7%

5%4% 3% GM

Ford

Toyota

Volkswagen

DaimlerChrysler

PSA/Peugeot-Citroen

Nissan

Honda

Renault

Fait/Ferrai

BMW

Volkswagen AG

WORLD CAR POPULATIONWORLD CAR POPULATIONWORLD CAR POPULATIONWORLD CAR POPULATION

Greater Demand Greater Demand & Less & Less ResourcesResources

Accelerated Accelerated Greenhouse Greenhouse EmissionsEmissions

Environmental & Environmental & Energy Trends = Energy Trends = Negative Negative Economic Economic Impacts Impacts

Developing World = 300% Increase Between 1995 & 2020Developing World = 300% Increase Between 1995 & 2020

TREND IN WORLD CAR POPULATION

0

100000000

200000000

300000000

400000000

500000000

600000000

700000000

800000000

YEAR

World Car Population

1930 1940 1950 1960 1970 1980 1990 2000 2010 2020

CARS IN REST OF WORLD

CARS IN U.S.

Volkswagen AG

Competitive SituationCompetitive Situation

General Motors, Nissan and Toyota have cut into General Motors, Nissan and Toyota have cut into Volkswagen’s market shareVolkswagen’s market share

Volkswagen once held a 50% market share in China, Volkswagen once held a 50% market share in China, it’s now around 20%it’s now around 20%

China and India both serving as key manufacturing China and India both serving as key manufacturing locations with major playerslocations with major players

Volkswagen AG

Volkswagen Group Market Share - 2005Volkswagen Group Market Share - 2005

Volkswagen AG

Corporate OverviewCorporate Overview

HQ: Wolfsburg, GermanyHQ: Wolfsburg, Germany US Operations: Auburn Hills, MIUS Operations: Auburn Hills, MI Europe’s #1 automobile manufacturerEurope’s #1 automobile manufacturer Annual production: 5M vehiclesAnnual production: 5M vehicles Annual sales: $121,345/ 10.9 YOY growthAnnual sales: $121,345/ 10.9 YOY growth Employees: 342,502 worldwideEmployees: 342,502 worldwide

Volkswagen AG

Key MilestonesKey Milestones1930s1930s Factory opened in

Wolfsburg, Germany

1940s1940s Production of first Volkswagen Company turned over to German government

1950s1950s VW begin building foreign plants Launched “Beetle” in US market Developed Microbus

1960s1960s Sold stock to the German public Purchased Auto Union (AUDI) US Beetle sales took off

1970s1970s Beetle discontinued in every country except Mexico

1980s1980s Begin car venture in China Purchased SEAT Formed Autolatin in Brazil

1990s1990sBuilt China’s largest auto plantIntegrate Skoda Acquires Rolls-Royce and Bugatti Launched New Beetle in US

2000s2000sSpent 3.1B to modernize factoriesThe final Beetle ended a 70-year runInvested 1.7B in China (Asia/Pacific)Bernd Pischetsrieder joined company

Volkswagen AG

Volkswagen Global Marketing MixVolkswagen Global Marketing Mix

2

3

4

Brand portfolio Volkswagen Audi Seat Škoda Bugatti Bentley Lamborghini Commercial vehicles

1

Unique brand identity for

each nameplate Complete product range Mostly standardized products

with minor adaptations

Setting prices with regard to

competitors Price discrimination across

regions No price competition in

emerging markets Strict cost controlling

Localized communication Emphasis on the European

market Brand advertising Emotionalization

Development of

distribution partners Separated

distribution

channels for each

brand International

standardization of

dealers

Global Marketing Mix

Volkswagen AG

Volkswagen GroupVolkswagen Group

Automotive DivisionAutomotive Division Financial Financial Services DivisionServices Division

VW Brand VW Brand GroupGroup

Audi Brand Audi Brand GroupGroup

Commercial Commercial VehiclesVehicles

Other Other CompaniesCompanies

Financial Financial ServicesServices

EuropcarEuropcar

VW P CarsVW P Cars

*Passat*Passat

*FOX*FOX

*Jetta*Jetta

*Beetle*Beetle

*Golf*Golf

SkodaSkoda

BentleyBentley

BugattiBugatti

AudiAudi

SEATSEAT

LamborghiniLamborghini

Buses and Buses and VansVans

FinancingFinancing

ServicingServicing

Dealer & Dealer & Customer Customer FinancingFinancing

LeasingLeasing

InsuranceInsurance

Fleet businessFleet business

Rental Rental BusinessBusiness

Source: www.volkswagen-ir

Volkswagen AG

Key IssuesKey Issues Extreme global competition, particularly from Extreme global competition, particularly from

American and Asian manufacturers American and Asian manufacturers Slow revenue growth due to inflated cost of raw Slow revenue growth due to inflated cost of raw

material and rising administrative costsmaterial and rising administrative costs Stagnant demand because of overcapacity and Stagnant demand because of overcapacity and

product proliferation in western marketsproduct proliferation in western markets Controlling cost while simultaneously Controlling cost while simultaneously

generating revenuegenerating revenue Rapid foreign investment in Chinese and Indian Rapid foreign investment in Chinese and Indian

marketsmarkets

Volkswagen AG

How do we tackle these issues?.....How do we tackle these issues?.....

ObjectivesObjectives

Increase operating cash flowIncrease operating cash flow Increase sales and market shareIncrease sales and market share Expand targeted-market segmentExpand targeted-market segment Maximize fuel efficiencyMaximize fuel efficiency Be first to market with new productBe first to market with new product Introduce hybrid vehicle, Introduce hybrid vehicle, ŜŜkoda Octavia, in koda Octavia, in

IndiaIndia Conduct financial feasibility studyConduct financial feasibility study

Volkswagen AG

SIMPLY CLEVER

163

2,8753,702 3,814 4,175

2,674 2,489 2,517

4,815 4,843

10,073

ŠKODA AUTO / ŠKODA GROUP –PROFIT BEFORE TAXATION

1996 1997 1998 1999 2000 2001 2002 2003 2004 2004 2005

Profit before taxationRate of turnover return (%)

Millions of CZK

1.73.5

0.3

3.5 3.1 1.73.2 3.21.7

3.0

5.4

ŠKODA AUTO a.s. according to ČÚS*

IFRS CZ, Škoda

Group

* ČÚS – Czech Accounting Standards

Financial FeasibilityFinancial Feasibility

Volkswagen AG

Financial Feasibility – Labor CostsFinancial Feasibility – Labor CostsExhibit 4A Average annual base pay

2007 2008 Position

India # of

Employees Total Cost Salary # of

Employees Total Cost

HR manager

$15,100.00 3 $

45,300.00

$15,855.00 3 $

47,565.00

Marketing manager

$14,300.00 1 $

14,300.00

$15,015.00 1 $

15,015.00

Project manager

$10,000.00 2 $

20,000.00

$10,500.00 4 $

42,000.00

Software development engineer

$10,300.00 1 $

10,300.00

$10,815.00 1 $

10,815.00

Financial analyst $

8,400.00 1 $ 8,400.00 $

8,820.00 1 $ 8,820.00

Accountant $

5,700.00 2 $

11,400.00 $

5,985.00 2 $

11,970.00

Senior customer service officer $

8,200.00 2 $

16,400.00 $

8,610.00 2 $

17,220.00

Sales representative $

4,700.00 3 $

14,100.00 $

4,935.00 3 $

14,805.00

Customer service assistant $

1,600.00 5 $ 8,000.00 $

1,680.00 5 $ 8,400.00

Production worker (skilled) $

1,900.00 280 $

532,000.00 $

1,995.00 428 $

853,860.00

300 $

680,200.00 450

$1,030,470.00

Volkswagen AG

Financial Feasibility – Labor CostsFinancial Feasibility – Labor CostsExhibit 4B Average annual base pay

2009 2010 Position

Salary # of

Employees Total Cost Salary # of


HR manager

$16,647.75 3 $

49,943.25

$17,480.14 3 $

52,440.41

Marketing manager

$15,765.75 1 $

15,765.75

$16,554.04 1 $

16,554.04

Project manager

$11,025.00 6 $

66,150.00

$11,576.25 6 $

69,457.50


$11,355.75 1 $

11,355.75

$11,923.54 1 $

11,923.54

Financial analyst $

9,261.00 1 $ 9,261.00 $

9,724.05 1 $ 9,724.05

Accountant $

6,284.25 2 $

12,568.50 $

6,598.46 2 $

13,196.93


9,040.50 2 $

18,081.00 $

9,492.53 2 $

18,985.05


5,181.75 3 $

15,545.25 $

5,440.84 3 $

16,322.51


1,764.00 5 $ 8,820.00 $

1,852.20 5 $ 9,261.00


2,094.75 576

$1,206,576.00 $

2,199.49 576

$1,266,904.80

600

$1,414,066.50 600

$1,484,769.83

Volkswagen AG

Financial Feasibility – Labor CostsFinancial Feasibility – Labor CostsExhibit 4C Average annual base pay

2011 Position

Salary # of


HR manager

$18,354.14 3 $ 55,062.43

Marketing manager

$17,381.74 1 $ 17,381.74

Project manager

$12,155.06 6 $ 72,930.38


$12,519.71 1 $ 12,519.71

Financial analyst

$10,210.25 1 $ 10,210.25

Accountant $

6,928.39 2 $ 13,856.77


9,967.15 2 $ 19,934.30


5,712.88 3 $ 17,138.64


1,944.81 5 $ 9,724.05


2,309.46 576 $1,330,250.04

600 $1,559,008.32

Volkswagen AG

Financial FeasibilityFinancial FeasibilityReported Annual Income Statement Actual Actual Actual Projected Projected Projected Projected Projected Projected

Currency 2003 2004 2005 2006 2007 2008 2009 2010 2011

Auditor Status Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars

Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes

Scale millions millions millions millions millions millions millions millions millions

Sales revenue 109,394 121,346 112,826 116,211 119,697 123,886 128,842 135,284 142,048

Cost of sales 97,597 106,992 97,576 100,503 103,518 106,624 109,822 113,117 116,510 Gross profit automotive division 11,798 14,353 15,250 15,708 16,179 17,263 19,020 22,167 25,538 Gross profit financial services division - - - - - - - - -

Depreciation & Amortization 10,541 9,251 8,352 7,517 7,211 6,920 6,644 6,382 6,133

Distribution costs 9,880 10,291 10,718 11,255 11,845 12,467 13,152 13,876

Administrative expense 2,800 2,852 2,904 3,021 3,141 3,267 3,398 3,534 Selling & distribution expenses - - - - - - - - General administration expenses - - - - - - - -

Other operating income 5,393 5,602 5,819 6,052 6,294 6,545 6,807 7,080

Other operating expenses 3,477 3,162 2,875 2,990 3,109 3,234 3,363 3,498

Operating profit

11,798 3,589 4,548 5,029 4,965 5,461 6,598 9,061 11,710

Net Cash Flow 22,339 12,840 12,900 12,546 12,175 12,381 13,242 15,443 17,843

Volkswagen AG

Financial Feasibility – Break Even PointFinancial Feasibility – Break Even Point

Break Even Point - Volkswagen India

$-$100.00$200.00

$300.00$400.00$500.00$600.00

$700.00$800.00$900.00

Year 1 Year 2 Year 3 Year 4 Year 5

Break Even Point

Volkswagen AG

Financial Feasibility – Sales Per YearFinancial Feasibility – Sales Per YearSales per Year

VolkswagenExhibit 2

90,000

95,000

100,000

105,000

110,000

115,000

120,000

125,000

2000 2001 2002 2003 2004 2005

Year

Do

llars

in m

illio

ns

Scale Sales revenue Log. (Scale Sales revenue)

Volkswagen AG

Financial Feasibility – Sales Per YearFinancial Feasibility – Sales Per Year

Cost of SalesVolkswagen

Exhibit 3

91,018 91,384 89,694

97,597

106,992

97,576

80,000

85,000

90,000

95,000

100,000

105,000

110,000

2000 2001 2002 2003 2004 2005

Years

Do

llars

in m

illio

ns

Cost of sales Log. (Cost of sales)

Volkswagen AG

Weighted Average Cost of CapitalWeighted Average Cost of Capital

Cost of CapitalCost of CapitalComponentComponent WeightWeight CostCost Weighted CostWeighted Cost

Common EquityCommon Equity 0.750.75 $125,000,000$125,000,000 $97,750,000$97,750,000

DebtDebt 0.150.15 $125,000,000$125,000,000 $18,750,000$18,750,000

Preferred StockPreferred Stock

0.10.1 $125,000,000$125,000,000 $12,500,000$12,500,000

WACCWACC

0.12910.1291 $125,000,000$125,000,000 $16,137,500$16,137,500

Volkswagen AG

Financial Feasibility – Profit/Loss StatementFinancial Feasibility – Profit/Loss Statement

Projected Net Cash Flow for India0 1 2 3 4 5

Investment Outlays: Long Term Assets 2006 2007 2008 2009 2010 2011Equipment (125,000,000.00)$ Additional Net Working Capital

Operating Cash Flows over Project's LifeUnits sold 2500 3750 5000 5000 5000Sales 75,500,000.00$ 113,250,000.00$ 151,000,000.00$ 151,000,000.00$ 151,000,000.00$ Costs (from cost sheet) 2,130,200.00$ 3,242,970.00$ 3,000,000.00$ 3,050,000.00$ 3,075,000.00$ Net Revenue 73,369,800.00$ 110,007,030.00$ 148,000,000.00$ 147,950,000.00$ 147,925,000.00$ Depreciation (from depreciation - input sheet) 25,000,000$ 25,000,000$ 25,000,000$ 25,000,000$ 25,000,000$ Before-tax-income 48,369,800$ 85,007,030$ 123,000,000$ 122,950,000$ 122,925,000$ Taxes (40%) (30,200,000.00)$ (45,300,000.00)$ (60,400,000.00)$ (60,400,000.00)$ (60,400,000.00)$ Net Income 18,169,800$ 39,707,030$ 62,600,000$ 62,550,000$ 62,525,000$ Add Depreciation 25,000,000$ 40,000,000$ 23,750,000$ 15,000,000$ 13,750,000$ Net Operating Cash Flow 43,169,800$ 79,707,030$ 86,350,000$ 77,550,000$ 76,275,000$

Salvage Cash flowsAfter Tax Salvage Cash Flows from equipmentReturn of NOWC

Net Cash Flows 76,275,000.00$

Net Terminal Cash flows at Year 4

Salvage Value $100,000,000 $60,000,000 $36,250,000 $21,250,000 $7,500,000Tax on Salvage Value $40,000,000 $24,000,000 $14,500,000 $8,500,000 $3,000,000Recovery on NWC $24,000,000 $14,400,000 $8,700,000 $5,100,000 $1,800,000Net Terminal Cash Flow

Volkswagen AG

Marketing StrategyMarketing Strategy

Enhance regional presence and geographical Enhance regional presence and geographical spreadspread

Increase customer orientation – Leapfrog Increase customer orientation – Leapfrog approachapproach

Niche penetrationNiche penetration Technological differentiationTechnological differentiation More efficient use of resourcesMore efficient use of resources

Volkswagen AG

Action PlanAction Plan

Select “premier” dealerships to carry the Select “premier” dealerships to carry the ŜŜkoda hybridkoda hybrid Develop dealer training programsDevelop dealer training programs Project and sales managers collaborate to acquire Project and sales managers collaborate to acquire

new customers and increase customer loyaltynew customers and increase customer loyalty Build awareness of Build awareness of ŜŜkoda hybrid through sales koda hybrid through sales

promotions and easy financingpromotions and easy financing Use Volkswagen Group’s brands to increase customer Use Volkswagen Group’s brands to increase customer

awarenessawareness

Volkswagen AG

Volkswagen Group Brand PortfolioVolkswagen Group Brand Portfolio

EmotionFunctionality

Sophistication

Zones of Low Demand

Zones of Low Demand

Volkswagen AG

The VW CustomerThe VW Customer Positioning Statement: Positioning Statement:

For the cost conscience buyer, Volkswagen For the cost conscience buyer, Volkswagen

offers reliability and value.offers reliability and value. Value Proposition:Value Proposition:

– Target Market: Cost conscience buyer Target Market: Cost conscience buyer (parents, females, young adults)(parents, females, young adults)

– Benefits offered: German technologyBenefits offered: German technology

– Relative price: Affordable, reliableRelative price: Affordable, reliable

Volkswagen AG

Controls & Contingency PlanControls & Contingency Plan

Design service programs that address potential Design service programs that address potential concernsconcerns

Continued research and development aimed at Continued research and development aimed at product improvements or modifications that appeal to product improvements or modifications that appeal to target segmenttarget segment

Increase penetration with market segments and/or Increase penetration with market segments and/or distribution intensitydistribution intensity

Volkswagen AG

The Golden Steering Wheel to the New Škoda OctaviaThe Golden Steering Wheel to the New Škoda Octavia

The new Škoda Octavia won the Bild am Sonntag‘s prestigious Golden Steering Wheel award during a ceremony in Berlin.

Volkswagen AG

Look how roomy….

Volkswagen AG

Look at Look at that that automatic automatic console!console!

Volkswagen AG

Ŝkoda Octavia HybridŜkoda Octavia Hybrid

Volkswagen AG

Ŝkoda Octavia HybridŜkoda Octavia Hybrid

ReferencesReferences

Volkswagen AG

Brodrick, Sean. Set Your Sights On Asia’s Sleeping Elephant. Brodrick, Sean. Set Your Sights On Asia’s Sleeping Elephant. http://www.escapeartist.com/efam/70/Invest_In_India.htmlhttp://www.escapeartist.com/efam/70/Invest_In_India.html Culp, Eric, “VW in Fresh Trouble as it Withdraws US Model”, Knight Ridder Tribune Business News, November 2005, pg. 1.Culp, Eric, “VW in Fresh Trouble as it Withdraws US Model”, Knight Ridder Tribune Business News, November 2005, pg. 1. Datamonitor. Volkswagen AG: Company Profile <http://www.datamonitor.com (October 2004)>Datamonitor. Volkswagen AG: Company Profile <http://www.datamonitor.com (October 2004)> Datamonitor. Volkswagen AG: Company Profile <http://www.datamonitor.com (October 2005)>Datamonitor. Volkswagen AG: Company Profile <http://www.datamonitor.com (October 2005)> Eisenstein, Paul A. Putting things right at the “people’s car” company. TheCarConnection Eisenstein, Paul A. Putting things right at the “people’s car” company. TheCarConnection

<http://www.thecarconnection.com/Auto_News/Profiles_QA/QA_VW_CEO_Bernd_Pischetsrieder.s193.A7952 January 10, 2005)><http://www.thecarconnection.com/Auto_News/Profiles_QA/QA_VW_CEO_Bernd_Pischetsrieder.s193.A7952 January 10, 2005)> Flint, Jerry, “The Fast and the Furious”, www.forbesauto.com, January 2006.Flint, Jerry, “The Fast and the Furious”, www.forbesauto.com, January 2006. Fondon, Daren, “A Pitch to the Rich”, Time Online, November 2003.Fondon, Daren, “A Pitch to the Rich”, Time Online, November 2003. ““ForMotion Program and New Model Initiative Generate Significant Increase in Volkswagen's Earnings.” The VWGazette <ForMotion Program and New Model Initiative Generate Significant Increase in Volkswagen's Earnings.” The VWGazette <

http://vwgazette.blogspot.com/2006/03/formotion-program-and-new-model.htmlhttp://vwgazette.blogspot.com/2006/03/formotion-program-and-new-model.html

(March 7, 2006) >(March 7, 2006) > Hoover’s Company Information, Hoovers, Inc. 2006.Hoover’s Company Information, Hoovers, Inc. 2006. Landler, Mark, “Volkswagen Chairman Step Down”, Landler, Mark, “Volkswagen Chairman Step Down”, New York TimesNew York Times, January 2006. , January 2006. Landler, Mark, “Porsche to Build a 20% Stake in VW”, The Detroit News – Auto Insider/New York Times News Service, September 2005.Landler, Mark, “Porsche to Build a 20% Stake in VW”, The Detroit News – Auto Insider/New York Times News Service, September 2005. Pischetsrieder, Bernd. “Letter To Our Shareholders.” Pischetsrieder, Bernd. “Letter To Our Shareholders.” Annual Report 2005Annual Report 2005 <http://gb.volkswagen.de/index.php@id=757&type=2.html (March 7, 2006)> <http://gb.volkswagen.de/index.php@id=757&type=2.html (March 7, 2006)> Power, Stephen, “Once Hot Volkswagen Attempts to Reverse U.S. Sales Decline”, Power, Stephen, “Once Hot Volkswagen Attempts to Reverse U.S. Sales Decline”, Wallstreet Journal (Eastern Edition)Wallstreet Journal (Eastern Edition) , New York, NY, September , New York, NY, September

2005, pg A82005, pg A8 Racanelli, Vito J., “Turn Around Ahead at Volkswagen”, Racanelli, Vito J., “Turn Around Ahead at Volkswagen”, Barron’sBarron’s, May 2005, Volume 85, Issue 20, pg 26., May 2005, Volume 85, Issue 20, pg 26. ““Škoda Reaches Record Sales in March and the First Quarter of 2006.” Škoda Auto Škoda Reaches Record Sales in March and the First Quarter of 2006.” Škoda Auto

<http://www.volkswagen-ir.de/fileadmin/vw-ir2/dokumente/inv_news/2006/Q2/20060410_Skoda_e.pdf (October 4, 2006)><http://www.volkswagen-ir.de/fileadmin/vw-ir2/dokumente/inv_news/2006/Q2/20060410_Skoda_e.pdf (October 4, 2006)> Source: adapted from P. Dicken (2003) Global Production Networks In Europe And East Asia: The Automobile Components Industries, GPN Working Source: adapted from P. Dicken (2003) Global Production Networks In Europe And East Asia: The Automobile Components Industries, GPN Working

Paper 7, University of Manchester, http://www.sed.manchester.ac.uk/geography/research/gpn/gpnwp7.pdfPaper 7, University of Manchester, http://www.sed.manchester.ac.uk/geography/research/gpn/gpnwp7.pdf Tierney, Christine. “Teutonic infighting tests VW's resolve to revive operations.” The Detroit News – Auto Insider/The Insiders Tierney, Christine. “Teutonic infighting tests VW's resolve to revive operations.” The Detroit News – Auto Insider/The Insiders

<http://detnews.com/apps/pbcs.dll/article?AID=/20060314/AUTO02/603140345/-1/ARCHIVE (March 14, 2006)><http://detnews.com/apps/pbcs.dll/article?AID=/20060314/AUTO02/603140345/-1/ARCHIVE (March 14, 2006)> Thomas, Chad & Archey, Sheenagh, “Porsche Buys 20% in VW’s Shares to Prevent Takeover”, Bloomberg News, Thomas, Chad & Archey, Sheenagh, “Porsche Buys 20% in VW’s Shares to Prevent Takeover”, Bloomberg News, http://http://quote.bloomberg.comquote.bloomberg.com

/apps/news/apps/news, September 2005, September 2005 ““Volkswagen announces worldwide sales record in first quarter.” Volkswagen announces worldwide sales record in first quarter.” Volkswagen AG: Investor Relations Volkswagen AG: Investor Relations

<http://www.volkswagen-ir.de/fileadmin/vw-ir2/dokumente/inv_news/2006/Q2/20060405_VW_e.pdf (April 5, 2006)><http://www.volkswagen-ir.de/fileadmin/vw-ir2/dokumente/inv_news/2006/Q2/20060405_VW_e.pdf (April 5, 2006)> Xinhuanet, “Volkswagen sales in China hit record.”Xinhuanet, “Volkswagen sales in China hit record.” New Age Business <New Age Business <http://www.newagebd.com/2005/oct/13/busi.htmlhttp://www.newagebd.com/2005/oct/13/busi.html (October 13, 2005)> (October 13, 2005)>

http://www.escapeartist.com/efam/70/Invest_In_India.html

http://vwgazette.blogspot.com/2006/03/formotion-program-and-new-model.html

http://quote.bloomberg.com/apps/news



http://www.newagebd.com/2005/oct/13/busi.html

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