Volkswagen is a German name for an automaker that was founded in 1937 in Germany by the German Labour Front, and it was headquartered in Wolfsburg. The company was the flagship marque of the largest automaker company in the world called Volkswagen Group. The company’s biggest market is in China, and it delivers 40% of its profit as well as sales from this market. The word Volkswagen means “people’s car” in German.
The company has factories in various parts of the world where vehicles are manufactured or assembled for the local markets. Apart from the plants in Germany, Volkswagen has these facilities that manufacture or assemble vehicles in countries like the United States, Mexico, China, Argentina, Spain, Poland, Kenya, South Africa, Portugal, Brazil, and India. The company made it to the top 25 largest companies in the world in 2011. The company has always been in the top of the most valuable automakers in the world, and in January 2020, it was overtaken by Tesla in the second position.
The company was established by the German Labour Front in 1937, and over the years, it has risen to be among the best automakers worldwide. Since the late 1920s, many companies and individuals had tried to come up with ideas and also companies to manufacture cars, but all this did not bear many fruits. A company named Volkswagenwerk was established, and it was led by Erwin Komenda as the chief designer, and Ferdinand Porsche was the leader of the team.
The team developed the car body of the first prototype, which is today known as the Beetle. When the war started in 1939, the company had produced only a handful of cars, and none was delivered to its owners. However, the very first car was delivered to Hitler on 20 April 1944 during his 55th birthday.
The starting of the war changed the production of cars to military vehicles, which were manufactured for the German forces. This went on until 1945 when the British Army intervened and took over the company. After the war, the company changed its name to Volkswagen, and there was a great increase in the production of cars.
After having strong roots in Germany, Volkswagen first exhibited and sold their product in the US in 1949. Upon entering the American market, the company whose initials were VW was for a short time sold as Victory Wagon. In 1955 Volkswagen America was formed, and the sales of the product were dramatically increased, reaching over one million at the end of that year.
Other areas of the world, like the UK, Canada, and Brazil, slowly followed the US footsteps, and they also started manufacturing or assembling their own products. By February 1972, the Beetle had sold more than 15 million cars. Between 1974 and 1990, the production line at Volkswagen expanded much further, and by then, it had become the largest automaker in Europe.
The company launched a third-generation Golf in 1991, and in 1992, it won the European Car of the Year award. It was named Jetta MK3 in North America, Vento, in Europe, and in the US, it remained as Jetta. At this point, the company had gone global, and they continued launching their cars, which were newer models. In 2005 they launched the fifth generation Jetta as well as the sixth-generation Passat.
Volkswagen announced plans to focus on electric vehicles in 2017. The plan was to launch at least 30 electric vehicles (EV) models by 2025. They also laid out plans to have between 20 to 25% of their sales yearly to consist EVs. The company also announced that by 2030 they would have electric versions of all of its vehicle models. Another announcement was made in September 2019 of a program that would allow old Beetle models to be converted to electric models.
Awards & Achievements
In 1999, Volkswagen named the number four most influential car of the 20th century during the Car of the Century competition. The company has also produced several winners in various competitions over the years. Some of the awards the company has won are the European Car of the Year Award, Motor Trend Car of the Year Award, and the World Car of the Year Award. Apart from winning all these awards, Volkswagen has roots in all corners of the world where they manufacture or assemble vehicles, and that also is an achievement.
Net Worth of Volkswagen in 2023
Volkswagen has been operational since 1937, and in that period, it has a net value of $100 billion. The revenue of the company mainly comes from the sales of its products, which are sold globally through their 100 production facilities that are distributed across 27 countries. Volkswagen has an estimated net worth of more than $100 billion as of June 2023.
Volkswagen is a multinational automotive production company that originated in Germany in 1937. The company designs manufacture and also distributes automotive throughout the world, and it emerged as the largest automaker by sales in 2016. In 2019, the company sold more than 10.9 million vehicles all over the world, and it has maintained the largest market share in Europe.