VW’S FERDINAND PIECH DIES AGED 82

FERDINAND Piech, Volkswagen’s former chairperson and the giant group’s chief executive, who transformed the German company from a struggling midsized carmaker into a global automotive powerhouse, has died, the German tabloid Bild said on Monday. Piech, who was 82, died on Sunday in Rosenheim, Bavaria, the German tabloid said, without citing sources. A representative for the Piech and Porsche families, who still control a majority stake in Volkswagen through their family holding company Porsche SE, had no immediate comment. Volkswagen could not be reached for comment. Piech was a grandson of Ferdinand Porsche, the father of the iconic Volkswagen Beetle. A brilliant engineer, Piech turned around VW after betting on a modular construction technique which allowed Audi, Skoda and VW brands to share up to 65 percent common parts, helping Volkswagen Group to attain greater economies of scale. Under Piech’s leadership, VW emphasised engineering brilliance ahead of profits, and went on an expansion spree, adding high-margin luxury marques Bentley, Bugatti and Lamborghini in a single year. “First and foremost I always saw myself as a product person, and relied on gut instinct for market demand. Business and politics never distracted me from the core of our mission: to develop and make attractive cars,” Piech wrote in his autobiography. | Reuters