Annual Report

Glossary

ASEAN
Association of Southeast Asian Nations. An international organization of Southeast Asian nations with political, economic and cultural aims that has been in existence since August 8, 1967.
Completely Knocked Down (CKD)
A method of manufacturing vehicles in which kits are manufactured for export to individual countries rather than complete vehicles.
Compliance
Adherence to statutory provisions, internal company policies and ethical principles.
Continuous Improvement Process (CIP)
CIP aims to ensure the continuous optimization of product, process and service quality focused on corporate objectives. Inefficiencies are eliminated gradually and permanently and work methods are optimized through the systematic incorporation of employees’ abilities and practical knowledge.
Corporate Governance
International term for responsible corporate management and supervision driven by long-term value added.
Direct shift gearbox (DSG)
Gearbox that consists of two gearboxes with a dual clutch and so combines the agility, driving pleasure and low consumption levels of a manual gearbox with the comfort of an automatic.
Hedge accounting
Presentation of hedges in the balance sheet with the aim of compensating offsetting gains and losses from hedged items and hedges within the same period economically and in the financial statements.
Hedging instruments
Hedging transactions used in risk management, for example to hedge against interest rate and exchange rate risks.
Hybrid drive
Drive combining two different types of engine and energy storage system (usually an internal combustion engine and an electric motor).
Modular Longitudinal Toolkit (MLB)
The use of a modular strategy in vehicle platforms in which the drivetrain is mounted longitudinally to the direction of travel. This modular arrangement of all components enables maximum synergies to be achieved between the vehicle families.
Modular Transverse Toolkit (MQB)
As an extension of the modular strategy, this platform can be deployed in vehicles whose architecture permits a transverse arrangement of the engine components. The modular perspective enables high synergies to be achieved between the vehicles in the Volkswagen Passenger Cars, Volkswagen Commercial Vehicles, Audi, Seat and Škoda brands.
Plug-in-hybrid
Second-generation hybrid vehicles. Plug-in hybrid electric vehicles (PHEVs) have a larger battery with a correspondingly higher capacity that can be charged via the combustion engine, the brake system, or an electrical outlet. This increases the range of the vehicle.
Rating
Systematic evaluation of companies in terms of their credit quality. Ratings are expressed by means of rating classes, which are defined differently by the individual rating agencies.
Recuperation
Recovery of kinetic energy by using an electric motor as a generator, for example in the drivetrain.
Turntable concept
Concept of flexible manufacturing enabling the production of different models in variable daily volumes within a single plant, as well as offering the facility to vary daily production volumes of one model between two or more plants.
Value drivers
Factors and measures that determine the earnings and value of a company. The efficiency of a company’s value drivers can be measured by means of financial and non-financial performance indicators.
Vocational groups
For example, electronics, logistics, marketing, or finance. A new teaching and learning culture is gradually being established by promoting training in the vocational groups. The specialists are actively involved in the teaching process by passing on their skills and knowledge to their colleagues.
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