Audi will soon be completely owned by the Volkswagen Group after the latter announced its plans to acquire the remaining 0.36% of the carmaker’s shares. Prior to this announcement, Volkswagen owned 99.64% of Audi’s shares.
The company also introduced Markus Duesmann as Audi’s new CEO and the group’s lead for research ang development. Volkswagen Group chairman Dr. Herbert Diess says the acquisition comes in an effort to further secure the brand’s future.
“Given the strong dynamics of change in our industry, we are pooling our strengths in the Volkswagen Group and positioning ourselves competitively for the future,” Diess said in a statement. “Going forward, the Audi brand with Markus Duesmann as its new CEO will take over the lead for research and development in the Volkswagen Group and thus swiftly assume technical leadership.”
“It is exactly the right way not to stick to the organizational status quo, but to consistently exploit the advantages of the Group’s network,” Audi CEO Bram Schot said. “With a greater job split at the Group, we can manage future issues more agilely and flexibly. The new structure will strengthen Audi’s role within the Volkswagen Group and recharge Vorsprung durch Technik.”
Despite the move, Peter Mosch, chairman of Audi’s General Works Council, clarified that the brand will continue enjoy independence from the Volkswagen Group: “As Audi’s employee representatives, we fought for and achieved this goal. The brand will therefore continue to be independent within the Group.”
A resolution on the acquisition is set to be passed at Audi’s 2020 Annual General Meeting in July or August. Is anyone else excited to see what this means for the German brand?