VAG Division – Volkswagen Group Car Club

• New Golf Cabriolet launched after a nine year absence
• Powered folding fabric roof takes just 9.5 seconds to open
• Establishes new class benchmarks in quality, comfort and refinement
• Open for ordering tomorrow with prices starting at £20,720 RRP OTR

Glastonbury wellies are packed away, Wimbledon is running to schedule and there’s an abundance of red shoulders on show: yes, the English summer has finally arrived and it’s here to stay (for at least a day or two).  What better time then to open the order books for the new Volkswagen Golf Cabriolet which is back after a nine year absence and in better shape than ever.  Prices for the new model range from £20,720 (RRP OTR) to £26,595.

First shown earlier this year at the Geneva Motor Show, the new two-door, four-seater, front-engined soft top joins the range alongside the Eos hard-top convertible.  It is fitted as standard with an electrically-powered fabric roof which can be lowered in just 9.5 seconds including on the move at speeds up to around 18 mph.  No separate roof cover is needed, contributing to the very rapid opening time, and resulting in less bootspace intrusion and meaning that even with the roof down, there is 250 litres of available space.

The Golf Cabriolet is around 20 cm shorter than the Eos, measuring 4,215 mm in length, 1,424 mm in height and 1,779 mm wide.  The 2,578 mm wheelbase (same as Golf hatchback) ensures there is plenty of interior space for all four passengers, while a 50:50 split/folding rear seat and Easy-Entry function ensure maximum practicality and good access to the rear. 

At the front, the grille and bonnet make the new soft-top model clearly identifiable as a Golf; however from the heavily raked windscreen back, it’s all new, giving a sportier appearance.  At the rear, new lights plus a deep crease in the bootlid are distinctive design features.

What can’t be seen from the outside are the differences that have been incorporated under the skin.  In changing the hatchback to a soft-top, modifications were made to ensure that safety, comfort and refinement were not compromised in the cabriolet version.  These include reinforced window frames and structural modifications to the underbody, side panels, cross-members and doors to endow the new car with an extremely high level of torsional rigidity.  Also benefiting refinement is the design of the fabric roof which has an additional exterior skin, as well as new window and door seals.

Safety has always been a Golf attribute and the Cabriolet is no different in this respect.  An active rollover protection system is employed, ABS, ESP and front and side head/thorax airbags are also all standard.

The new Golf Cabriolet will be available with a choice of three engines: a 1.2-litre TSI 105 PS, 1.4-litre TSI 160 PS and a 1.6-litre TDI 105 PS.  A further petrol and two diesels will be offered later in the year.  DSG automatic transmission will be offered while BlueMotion Technology modifications will be applied to the diesel engines to ensure high efficiency and low emissions. 

Three trim levels will be offered – S, SE and GT – and all will have a high level of standard specification, featuring 16-inch alloy wheels, and Bluetooth among other items (for full details see the price list by clicking here).  Moving up to SE, features such as 2Zone climate control, cruise control, parking sensors and automatic lights are added, while at the top of the range, GT adds a number of new highlights including sports suspension, Alcantara upholstery and 18-inch alloy wheels.  

With total sales of around 1.42 million units, Volkswagen is one of the world’s most successful producers of convertibles; from 1979 to 2002, 684,000 Golf Cabriolets were sold.  The new model will be built at Volkswagen Osnabrück (formerly the Karmann company) in Germany.

Order books open tomorrow, 1 July, with the first customer deliveries due to take place at the start of September.  For more information please visit your Retailer or www.volkswagen.co.uk.

Golf Cabriolet model line-up and pricing

* BlueMotion Technology

Golf Cabriolet history

Total production to date – 684,000

Total UK sales to date – 34,189

UK Product Communications – Milton Keynes

Eagerly awaited Audi model debuts, past masters and potential stars of the future congregate at annual celebration of motoring in West Sussex

• UK debuts of the RS 3 Sportback, Q3 compact SUV, A6 Avant, R8 GT Spyder and 408PS quattro concept
• R18 TDI sports prototype commemorates 2011 Le Mans victory in the F1 Paddock
• Hannu Mikkola pilots S1 quattro  up the hill
• Le Mans winners past & present Marco Werner and André Lotterer, former DTM Champion Hans-Joachim Stuck plus Pink Floyd drummer Nick Mason in the driving seat

Hot-off-the-press additions to the Audi model range will vie for attention with hero cars from the brand’s past and present and potential stars of its future at this weekend’s Goodwood Festival of Speed (1-3 July). An anticipated 150,000 visitors will descend on Goodwood House near Chichester, West Sussex for this celebration of the best of motoring and motorsport through the ages, and as usual Audi will have a major presence.

Stand-out stars from the present day Audi portfolio will include the Q3 compact SUV, the 340PS RS 3 Sportback, the A6 Avant and the breathtaking 560PS R8 GT Spyder, all of which make their UK public debuts at the Festival. A potential legend-in-the-making  – the critically acclaimed lightweight aluminium, five-cylinder, 408PS quattro concept – will also be on hand to show how the revered Sport quattro of the Eighties could possibly be rocketed into the future.  

On the competition front, the Audi R18 TDI sports prototype will be looming large in the F1 paddock in commemoration of the tenth victory for Audi in the 24 Hours of Le Mans marathon race earlier this month. One of the three winning drivers, Germany’s André Lotterer, will drive the innovative diesel-powered racer up the hill course at Lord March’s estate. 

Another legend destined for the hill will be the 1985 Audi Sport quattro S1 rally car,  featuring the world-famous quattro all-wheel-drive technology which changed the face of rallying. One of its star drivers, Hannu Mikkola, who won the FIA World Rally Championship in a quattro in 1983, will be behind the wheel again over the weekend.

Meanwhile,Audi Tradition will also look to the past with two 1930s Auto Union “Silver Arrow” Grand Prix cars which will be piloted by Pink Floyd drummer Nick Mason and Audi’s 1990 German Touring Car Champion Hans-Joachim Stuck. DKW, one of the four brands which joined forces to form the Auto Union marque which eventually gave rise to Audi, will also be represented by two pre-war motorcycles: a DKW SS 250 (1937) and a DKW SS 350 (1939).

Visitors to the 2011 Goodwood Festival of Speed can read more about the Audi element of this fascinating event by visiting www.audi.co.uk, or by downloading the Audi Goodwood app from the Apple iTunes store.

Picture caption

Audi in the festive spirit – Debutants in the Audi model range, as well as futuristic concept studies and hero cars from the brand’s past, will be among the Audi stars at this weekend’s Goodwood Festival of Speed (1-3 July).

Note to Editors

In 2010 Audi recorded its best ever worldwide result of 1,092,400 sales, a 15 per cent improvement over 2009. In the UK, 99,828 Audi models found homes last year, a 9.5 per cent increase on 2009.  To sustain the technological lead embodied in its Vorsprung durch Technik slogan, the brand plans to invest €11.6 billion, mainly in new products, between 2011 and 2015.  By this point, its range will have expanded from today’s 35 models to a total of 42. Recent additions, including the A1 subcompact and the A7 Sportback, will be joined by, among others, the new A6 Avant and the Q3 compact SUV. The R8 e-tron, the first fully electric series production Audi model, will also arrive in late 2012. On the race circuit Audi Sport has contested the Le Mans 24-hour race twelve times since 1999, achieving a podium finish on all of these occasions as well as outright victory 10 times. In 2011, Audi won Le Mans with an entirely new TDI diesel-powered ‘closed’ coupe sports prototype, the Audi R18.

For further information please contact:

Wolfsburg / Berlin, 28 June 2011: Today, Volkswagen – in cooperation with six project partners and the German Ministry of the Environment – is presenting the current status of the “Fleet study in electric mobility” that was initiated in July 2008. The primary goal of the project which runs until June 2012: consistently utilise renewable energy sources for electrically powered vehicles. Within the framework of the fleet study, Volkswagen is implementing a total of 20 of the latest generation Golf Variant twïnDRIVE cars as research vehicles.

Their plug-in hybrid drives operate with zero emissions in urban operation using an electric motor. The Golf Variant twïnDRIVE enables distances of up to 57 km on pure electrical power; an additional small internal combustion engine provides for a total range of about 900 km. Prof. Dr. Martin Winterkorn,

Chairman of the Management Board of Volkswagen AG, comments on the twïnDRIVE: “When it comes to driving with zero emissions within cities while covering far greater distances as pure electric vehicles – the twïnDRIVE system by Volkswagen sets new standards and could over the mid-term develop into the ideal form of mobility for the vast majority of car drivers.”

Fleet study encounters transition in energy production

The “Fleet study in electric mobility” is now assuming a high level of importance, in the wake of events in Japan and the German federal government’s mandatory exit from nuclear energy production. According to plans by the federal government, the number of pure electric vehicles will reach one million units in Germany alone by 2020. And these vehicles must be operated sustainably – i.e. from renewable energy sources – to attain significant progress in environmental protection.

Volkswagen counting on renewable energies

Before the transition in energy policy, Volkswagen had already appealed for the intensified use of renewable energy sources. During a workshop on electric mobility in Shanghai in mid-2010, Prof. Dr. Martin Winterkorn emphasised that: “Future electric cars offer us tremendous opportunities for reshaping mobility to become even more sustainable. However, we must – on behalf of the environment – ensure that the energy used to operate these electric cars is also generated renewably, i.e. from renewable resources. Since carmakers do not make decisions on which types of power plants will be built, governments must assure that environmentally-friendly energy sources are utilised. Only then will we experience a genuine transition to a new era.” This new era is now within reach.

Optimising the stability of the power grid

Over 16 per cent of Germany’s electrical needs are already covered by renewable energy sources, and plans are afoot to extend this share to 30 per cent by 2020. Volkswagen, for example, has installed one of the highest performance wind power systems in the world at its German plant in Emden; it already supplies one-third of the factory’s energy requirements. In parallel, more and more electricity is being generated from solar and water power. These forms of energy must also be used for mobility. However, the amount of renewably generated energy is subject to fluctuations due to natural factors (e.g. sunshine duration, wind strength). This means that it is necessary to control intelligently electrical demand to avoid load peaks. In this context, the “Fleet study in electric mobility” is analysing the usage behaviour of drivers of cars with electrical charging, electric load control and intelligent strategies in the charging process. In addition, a scenario is being tested, in which some of the daily peak electrical demand might be buffered by the cars’ lithium-ion batteries in the future.

Plug-in hybrid will assume much greater importance

Through its “Fleet study in electric mobility”, Volkswagen is acquiring valuable knowledge on how cars with plug-in hybrid drives like the Golf Variant twïnDRIVE handle continual use. As already noted, the 20 Golf Variant twïnDRIVE cars can be driven over long distances in pure electric mode, i.e. with zero emissions. The expression “environmental zone” takes on an entirely new meaning in cities.

One of the goals of Volkswagen AG is to launch numerous plug-in hybrid cars on the market in the years 2013/2014. In the area of electric mobility, they are intended to supplement the Group’s hybrid models that are already being produced today (these models currently include cars by Audi, Porsche and Volkswagen), as well as the pure electric vehicles that will also debut from 2013. Clearly, plug-in hybrid models – i.e. cars with combustion engine, E-motor and a battery that can be charged by an external power source – will acquire special significance in the urban environment. Prof. Dr. Martin Winterkorn comments on this: “Over the mid-term, the plug-in hybrid offers great potential here, because it unites the best of 2 worlds in one vehicle.” The plug-in hybrid, according to Winterkorn, enables precisely what many customers expect: an unlimited driving range with internal combustion engine mobility and an attractive electrical driving range in everyday driving.

Fleet study brings together specialists in Germany

The large-scale introduction of plug-in hybrid cars and pure electric cars continues to be associated with great challenges. Prof. Dr. Winterkorn: “Electric mobility will be a century-long endeavour for Europe as a centre of automotive production and industry. Carmakers, suppliers, energy providers, scientists and politicians – everyone must step up to the plate.” In Germany, the “Fleet study in electric mobility” is bringing together precisely these partners.

Six project partners

The “Fleet study in electric mobility” is being conducted by six project partners from research and commerce under the leadership of Volkswagen AG. Representing the energy industry is energy provider E.ON. From the research area, the Fraunhofer Gesellschaft ISIT (representation of the battery systems and development of new battery chemistry), Heidelberger Institute for Energy and Environmental Research (IFEU; creating eco-balance), the German Aerospace Centre (DLR; analysis, forecasting traffic scenarios) and the Westphalian Wilhelm University in Münster (development of methodologies, laboratory testing of battery cells) will contribute their expertise and know-how to the fleet study.

For more details please see the full report by clicking here

Volkswagen Commercial Vehicles has appointed Mark Hopkins as Head of Marketing from 1 July 2011. 

Mark joined Volkswagen Commercial Vehicles in 2007 and has been promoted from his current position as Marketing Communications Manager.

Simon Elliott, Director of Volkswagen Commercial Vehicles said: ‘Mark already has a wealth of experience and knowledge of Volkswagen vans and the commercial vehicle market, so I am delighted he has accepted this well earned promotion.’

Commenting on his new role, Mark Hopkins said: ‘I am extremely excited about this fantastic opportunity and am looking forward to working with the team and our Van Centre network to continue to improve the awareness and market share of Volkswagen Commercial Vehicles.’

The previous Head of Marketing, David George, has left the Volkswagen Group to take up another position in the automotive industry.

Prof. Dr. Jürgen Leohold: ‘An important milestone on the path towards fully automatic and accident-free driving’

Wolfsburg/Borås, 23 June 2011 – At the final presentation of the EU research project HAVEit (Highly Automated Vehicles for Intelligent Transport), Prof. Dr. Jürgen Leohold, Executive Director Volkswagen Group Research, has presented the “Temporary Auto Pilot” by Volkswagen: Monitored by the driver, the car can drive semi-automatically up to a speed of 130 kilometres per hour on motorways. It represents a link between today’s assistance systems and the vision of fully automatic driving.

“Above all, what we have achieved today is an important milestone on the path towards accident-free car driving,” emphasises Leohold at today’s final presentation of the EU research project HAVEit in the Swedish city of Borås. The Temporary Auto Pilot (TAP) bundles semi-automatic functions, i.e. functions monitored by the driver, with other driver assistance systems, such as ACC adaptive cruise control and the Lane Assist lane-keeping system into one comprehensive function. “Nonetheless, the driver always retains driving responsibility and is always in control,” continues Leohold. “The driver can override or deactivate the system at any time and must continually monitor it.”

TAP always offers the driver an optimal degree of automation as a function of the driving situation, acquisition of the surroundings and driver and system states. It is intended to prevent accidents due to driving errors by an inattentive, distracted driver. In the semi-automatic driving mode – referred to as Pilot Mode, for short – TAP maintains a safe distance to the vehicle ahead, drives at a speed selected by the driver, reduces this speed as necessary before a bend, and maintains the vehicle’s central position with respect to lane markers. The system also observes overtaking rules and speed limits. Stop and start driving manoeuvres in traffic jams are also automated. With TAP, it is possible to drive at speeds of up to 130 kilometres per hour on motorways or similar roads. Drivers must still continually focus their attention on the road, so that they can intervene in safety-critical situations at any time.

In contrast to previous research vehicles such as “Junior” and “Stanley”, TAP is based on a relatively production-like sensor platform, consisting of production-level radar-, camera-, and ultrasonic-based sensors supplemented by a laser scanner and an electronic horizon. “One conceivable scenario for its initial use might be in monotonous driving situations, e.g. in traffic jams or over sections of a driving route that are exceedingly speed-limited,” comments Leohold.

About HAVEit

The EU funded R&D project HAVEit (“Highly Automated Vehicles for Intelligent Transport”) was set up to develop research concepts and technologies for highly automated driving. This will help to reduce the drivers’ workload, prevent accidents, reduce environmental impact and make traffic safer. Launched in February 2008, 17 European partners from the automotive and supply sector and the scientific community collaborated on the project. Total investments in HAVEit amounted to EUR 28 million. EUR 17 million of this sum came from EU grants, and EUR 11 million was contributed by the 17 project partners, of which EUR 7 million was invested by the automobile industry.

The HAVEit consortium consists of vehicle manufacturers, automotive suppliers and scientific institutes from Germany, Sweden, France, Austria, Switzerland, Greece and Hungary:

Continental, Volvo Technology AB, Volkswagen AG, EFKON AG, Sick AG, Haldex Brake Products AB, Knowllence, Explinovo GmbH, German Aerospace Center (DLR), Ecole Polytechnique Fédérale de Lausanne (EPFL), University of Athens, Institute of Communications and Computer Systems (ICCS), University of Applied Sciences Amberg-Weiden, Budapest University of Technology and Economics, Universität Stuttgart, Institut für Luftfahrtsysteme, Wuerzburg Institute of Traffic Sciences GmbH, Institut National de Recherche en Informatique et en Automatique (Inria), Institut français des sciences et technologies des transports, de l’aménagement et des réseaux (IFSTTAR).

Volkswagen Commercial Vehicles is celebrating again after winning two more awards this year, this time for its Caddy van and the new Amarok pick-up in the British Insurance Vehicle Security Awards.

The new Amarok, which went on sale last month, beat all its established rivals to win the Pick-up category, while the new Caddy, launched last year, won the Light Van category.

Volkswagen UK was also crowned overall Manufacturer of the Year for the second year running, with awards this year for the new Sharan in the Large MPV class, the Tiguan in the Crossover class, and the Phaeton taking the title of best Luxury Car for the fourth time.

The British Insurance Vehicles Security Awards are hosted by Thatcham, the Motor Insurance Repair Research Centre in Berkshire, and supported by the Home Office, the DfT, What Car? and the AA.

The awards recognise and raise the profile of the best in vehicle security on the newest cars and vans on the market, and are judged on criteria identified by the creators of the New Vehicle Security Ratings (BVSR) scheme.  To be shortlisted for the awards, all vehicles had to have a maximum of five stars for ‘theft from’, had double locking, and an ‘E’ insurance suffix (indicating they had a feature that exceeds the required standard).

‘Security is particularly important for our customers as they depend on their vehicles for their business,’ said Simon Elliott, Director, Volkswagen Commercial Vehicles.

‘These awards are another demonstration of our commitment to enhancing our vehicles and reducing the cost of ownership for commercial vehicle owners,’ he continued.

For details of the Volkswagen Commercial Vehicles range of vans, people carriers, pick-up or campervan, and to find a local Volkswagen Van Centre, visit www.volkswagen-vans.co.uk or call 0800 717131.

Range-topping Polo GTI revs up for Millbrook
Scirocco and Golf R models are rrready to go!
While Volkswagen may be unable to match the intrigue surrounding former employee Wayne Bruce’s appearance at the SMMT Test Day at Millbrook on Thursday, it is pleased to be offering its own brand of excitement by showcasing the latest line-up of performance models. That’s cars rather than people.

Visitors to the event will have the chance to sample the Scirocco and Golf R as well as, in left-hand drive form only, the new Polo GTI which is set to come to the UK later this year.

The new GTI model sits at the top of the Polo range. It uses a twin-charged 1.4-litre TSI engine which produces 180 PS and yet is still capable of delivering 47 mpg on the combined cycle while emitting just 139 g/km of CO2. The TSI engine is linked to a compact seven-speed, twin-clutch DSG gearbox that channels drive through the front axle. A host of technical enhancements over the standard Polo as well as wide-ranging aesthetic changes inside and out complete the package, making the Polo GTI every inch the perfect little brother to its successful Golf sibling.

The Polo GTI is now available to order in the UK, with the first customer deliveries expected to take place in July. The three-door model costs £18,275 (RRP OTR) with a £600 premium for the five-door version.

At the heart of the Scirocco R is a 2.0-litre, four-cylinder engine which has been substantially modified to produce 265 PS and 258 lbs ft of torque – a rise of 55 PS and 51 lbs ft over the previous range-topping Scirocco, the 2.0-litre TSI model. In addition a new front differential lock, braking system, gearbox, spring and damper rates and revised styling both inside and out help the new R model to be not only the fastest Scirocco ever produced but also the most responsive. Yet despite a keen focus on dynamics the Scirocco R remains viable for everyday use with all the comfort, safety, quality and refinement you would expect from a Volkswagen with the ability to seat four adults in comfort while retaining a good-sized boot.

The Golf R is the most powerful and fastest accelerating Golf ever produced. Like the Scirocco R, it’s developed by Volkswagen R, formerly known as Individual, the special projects wing of Volkswagen, and following on from the Mk IV and Mk V Golf R32 models, the Golf R is equipped with a 2.0-litre TSI four-cylinder engine developing 270 PS and a new four-wheel drive system. Compared to the standard Golf on which it’s based, the Golf R has a revised engine, four-wheel drive system, springs, dampers, anti-roll bars and braking system as well as modified traction control, exhaust system, body styling including new bumpers, front and rear lights, sill extensions, wheels and mirrors.

As far as exciting Volkswagen people are concerned, Paul, Nicki, Angus and Kate will complete the performance-led line up and look forward to welcoming visitors to the stand.

• Supervisory Board of Porsche SE approves the Basic Agreement
• Qatar now a shareholder in Porsche

Stuttgart. The Supervisory board of Porsche Automobil Holding SE (Porsche SE) has approved a Basic Agreement negotiated by the management boards of Porsche SE and Volkswagen AG, the workers’ representatives of both companies and the Porsche SE ordinary shareholders, describing the path to foundation of an integrated car group.

The Supervisory Board of Porsche SE has also appointed, with effect from 15 September 2009, Prof. Dr Martin Winterkorn as CEO and Hans Dieter Pötsch as CFO of the company. They will exercise these tasks in addition to their functions as members of the Board of Management of Volkswagen AG. The CEO of Dr. Ing. h.c. F. Porsche AG, Michael Macht, who is also a member of the Board of Management of Porsche SE, shall also be appointed into the top management of Volkswagen AG.

The Basic Agreement provides for the following steps:

• Shareholding of 42% of Volkswagen in Dr. Ing. h.c. F. Porsche AG, the 100% subsidiary of Porsche SE. The shareholding will be provided by way of a cash capital increase with an expected total return of approximately up to 3,3 bn. EUR based on an enterprise value of Porsche AG of 12,4 bn. EUR.

• A cash capital increase of Volkswagen AG taking place in the first half-year of 2010 against issuance of new preference shares. The capital increase will be approved by Porsche SE.

• Volkswagen grants an option to the shareholders of Porsche Gesellschaft m.b.H., Salzburg, to sell the operative sales and distribution business of the company to Volkswagen.

• Cash capital increase of Porsche SE most probably taking place in the first half-year of 2011 against issuance of new ordinary and preference shares, granting preemptive rights for ordinary shareholders on ordinary and preemptive rights for preference shareholders on preference shares. The ordinary shareholders of Porsche SE will approve the capital increase.

• The following changes of the articles of association of Volkswagen will be proposed to the next shareholders meeting of Volkswagen:
  1. The state of Lower Saxony shall be entitled as a shareholder of Volkswagen to appoint two members of the supervisory board, as long as the state of Lower Saxony maintains a shareholding in the ordinary shares of Volkswagen of at least 15%. The implementation of such Appointment Right in the articles of association has the effect that Porsche SE will no longer include Volkswagen AG by way of full consolidation in its consolidated financial statements.
  2. Confirmation of the section of the articles of association providing that shareholders’ resolutions, requiring a majority of 75% of the capital represented in the shareholders’ meeting pursuant to the German Stock Corporations Act, require a majority of more than 80% of the capital represented in the shareholders’ meeting.
• Agreement that, until 2020, Porsche SE will not enter into a domination and profit and loss transfer agreement with Volkswagen AG.

• Joint purpose of a merger of Porsche SE into Volkswagen AG during 2011, if at that time the legal requirements for a merger are met.

• If a merger will not take place: put option for Porsche SE and call option for Volkswagen AG to sell and to purchase, respectively, the remaining shareholding of Porsche SE in Porsche AG; the purchase price is calculated according to the same parameters as applied for the valuation of Porsche SE for purposes of the capital increase.

Condition precedents for closing of this agreement include particularly approval by the consortium banks of Porsche SE and final clarification of remaining structural issues.

Separately, on Friday August 14, in a festive ceremony, Porsche SE and Qatar Holding LLC (QH) signed an agreement signaling the entry of the Emirate of Qatar into the Porsche SE family. In the afternoon, the Chairman of the Supervisory Board of Porsche SE, Dr Wolfgang Porsche, welcomed the high-ranking delegation from Qatar led by Prime Minister of the Emirate, Sheikh Hamad bin Jassim bin Jabr Al-Thani, to the historical Porsche Villa located on Killesberg Hill outside of Stuttgart. There, in the presence of the Minister President of Baden-Württemberg, Günther Oettinger, the two men signed two contractual agreements.

The Prime Minister of the Emirate of Qatar signed the purchase agreement with which Qatar will acquire 10 per cent of the ordinary shares of Porsche SE. As spokespersons for the family shareholders, Dr Wolfgang Porsche and HansMichel Piëch also signed the agreement. The second agreement, which provides for the takeover by the Emirate of a major share in the cash-settled options relating to Volkswagen shares, was signed by Ahmad Al Sayed, CEO of Qatar Holding, and Chairman of the Executive Board of Porsche AG, Michael Macht, as well as his Deputy Chairman, Thomas Edig, who are both members of the Executive Board of Porsche SE.

Dr Wolfgang Porsche gave the Emirate of Qatar a warm welcome as a new member of the Porsche shareholder family and declared: “Today is a historic day for us. For the first time in the history of Porsche, an external investor has acquired a holding of ordinary shares that so far have been solely owned by the family members of Porsche and Piëch.”

The Porsche and Piëch families have expressly welcomed the decision of the Emirate to become a shareholder in the company and, at the same time, to take on a major holding in the options to VW ordinary shares held by Porsche. “This will not only improve the liquidity situation of Porsche, but it is also an important step on the pre-destined road to an integrated automobile company, which we intend to forge together with Volkswagen,” explained Dr Porsche.

Sheikh Hamad bin Jassim bin Jabr Al-Thani emphasised that Qatar considers itself a strategic investor which has great interest in the long-term positive development of Porsche. “Porsche ranks among the most valuable automobile brands in the world. We are proud to be a part of this sports car manufacturer and its rich tradition and history. Through our trust-based collaboration with the family shareholders, we will help ensure that the success story of Porsche, and, in the future, of Volkswagen continues to be written,” explained the Prime Minister.