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Behind the Money

Why Volkswagen hit the skids

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4350 Ratings

🗓️ 25 September 2024

⏱️ 22 minutes

🧾️ Download transcript

Summary

Volkswagen is facing a crisis. Often considered a symbol of Germany’s industrial power, it’s now reckoning with a difficult transition to electric vehicles, among other issues. And now, management is considering breaking a long-held taboo: closing German factories. Patricia Nilsson, the FT’s Frankfurt correspondent, heads to VW’s headquarters in Wolfsburg to examine the fallout and what’s next.    


Clips from Bloomberg, DW News, CNN


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For further reading:

For European carmakers, EVs are a Catch-22

Why Volkswagen is seeking to break the taboo of closing German plants

VW audit of Xinjiang plant failed to meet international standards


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On X, follow Patricia Nilsson (@patricianilsson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 


Read a transcript of this episode on FT.com



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Transcript

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0:00.0

This podcast is brought to you by Vertex, the world's leading tax technology.

0:05.0

Doing business globally is challenging, managing tax complexity even more so,

0:10.0

and your technology systems weren't built to handle that complexity.

0:14.0

That's where Vertex comes in with a global platform that enables continuous compliance,

0:19.0

giving you more transparency, improved accuracy, and better confidence in your tax data.

0:25.8

To learn more about continuous compliance, visit vertexink.com. Earlier this month, the F.T.'s Patricia Nilsen hopped on a train to go to a small city in Germany called Wolfsburg.

0:39.0

It's quite a modest town. It's not, you know, it doesn't look particularly rich.

0:47.0

But Wolfsburg is known best for being the headquarters of Europe's largest carmaker,

0:52.0

Volkswagen.

0:53.2

When you roll into Volsburg,

0:55.4

you see the company's old power plants,

0:58.6

so there are these four large chimneys.

1:02.3

It is the image of German industry. The town is very much shaped by the factory and life around it.

1:11.0

There's even a Volkswagen themed park called the Autostat. Tourists can test drive new car models on all-terrain tracks or visit a museum dedicated to the company's history.

1:23.1

And people come from other places in the country

1:25.0

to get a job at Volkswagen.

1:26.9

People like Benny Littau.

1:29.7

So, a first in Vol and yeah, what's that?

1:35.0

Benny,

1:36.0

been,

1:37.0

that the expression by us by us

1:40.0

on the special

...

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