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Former Volkswagen Chairman Ferdinand Piech has died, Bild reports

Key Points
  • Ferdinand Piech, Volkswagen AG's former chairman and chief executive, who transformed the German carmaker from a regional manufacturer into a global automotive conglomerate, has passed away, German tabloid Bild said on Monday.
  • Piech, 82, died on Sunday in Rosenheim, Bavaria, the German tabloid said, without citing sources.
  • Piech is a grandson of Ferdinand Porsche, the designer of the iconic sportscar and part of the Porsche and Piech clans which today still control the carmaker.
Ferdinand Piech
Daniel Naupold | picture alliance | Getty Images

Ferdinand Piech, Volkswagen AG's former chairman and chief executive who transformed the German carmaker from a regional manufacturer into a global automotive conglomerate, has passed away, German tabloid Bild said on Monday.

Piech, 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, could not be reached for comment.

Volkswagen could not be reached for comment.

Piech is a grandson of Ferdinand Porsche, the designer of the iconic sportscar and part of the Porsche and Piech clans which today still control the carmaker.

A brilliant engineer, Piech turned around VW after betting on a modular construction technique by sharing common vehicle underpinnings between the various brands within the VW empire.

Under Piech's leadership, VW added high-margin luxury marques to VW's volume brands, acquiring the Bentley, Bugatti and Lamborghini brands in a single year.

Today Volkswagen Group includes the Seat, Skoda, Bentley, Audi, Porsche and Ducati brands in addition to the MAN and Scania truck brands.

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Key Points
  • Germany's Manager Magazin reported that Volkswagen was looking to acquire a stake in Tesla.
  • Tesla's shares briefly inched higher before falling after VW denied the report. 
  • While Volkswagen may not want to invest in Tesla, the U.S. carmaker has been scouting locations in Europe for a new Gigafactory there.