Volkswagen AG manufactures and sells automobiles primarily in Europe, North America, South America, and the Asia-Pacific. The company operates in four segments: Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars and Light Commercial Vehicles segment develops vehicles and engines, and light commercial vehicles; and produces and sells passenger cars and related parts. The Commercial Vehicles segment develops, produces, and sells trucks and buses; and offers parts and related services. The Power Engineering segment develops, produces, and sells large-bore diesel engines, turbo compressors, industrial turbines, and chemical reactor systems, as well as gear units, propulsion components, and testing systems. The Financial Services segment provides dealer and customer financing, leasing, banking and insurance, fleet management, and mobility services. The company also offers motorcycles and turbomachinery. It provides its products under the Volkswagen Passenger Cars, Audi, ?KODA, SEAT, Bentley, Porsche, Volkswagen Commercial Vehicles, Scania, MAN, Lamborghini, Ducati, Bugatti, MOIA, and TRATON brands. Volkswagen AG was founded in 1937 and is headquartered in Wolfsburg, Germany. Volkswagen AG is a subsidiary of Porsche Automobil Holding SE.
Volkswagen and Germany's largest industrial union have agreed on a 23-month wage deal that provides a 1,000 euro bonus recognizing employee efforts during the coronavirus pandemic and a 2.3% wage increase from January 2022.
Volkswagen hoaxes media with fake news release as a joke
Volkswagen of America issued false statements this week saying it would change its brand name to "Voltswagen," as a way to stress its commitment to electric vehicles, only to reverse course Tuesday and admit that the supposed name change was just a joke.