When Ferdinand Piech took charge of Volkswagen AG (VOW) 20 years ago, the carmaker was losing almost 1 billion euros ($1.24 billion) with its sales tied to the fortunes of the European economy.
Yesterday, the 75-year-old VW chairman capped a spurt of dealmaking with a 4.46-billion euro agreement to buy the rest of Porsche SE’s automaking business, a transaction that will extend the German company’s lead as the world’s most profitable automaker. VW generated a record 11.3 billion euros in operating profit in 2011. Read more
Boards pass concept for accelerated creation of the Integrated Automotive Group between Porsche and Volkswagen / One-time positive effect on earnings / Porsche SE as financially strong holding company continues to be significantly involved in growth of Volkswagen AG
Stuttgart, 4 July 2012. Porsche Automobil Holding SE (Porsche SE), Stuttgart, and Volkswagen Aktiengesellschaft (Volkswagen AG), Wolfsburg, are expected to achieve their shared goal of creating the Integrated Automotive Group on 1 August 2012. The competent bodies and the executive boards responsible at both companies have approved a concept for the complete integration of Porsche AG into the Volkswagen Group. According to the concept, Porsche SE will contribute its holding business operations, including its 50.1 percent investment in Porsche’s operating business, to Volkswagen AG. The consummation of the transaction will make Volkswagen AG sole owner of Porsche’s business operations. Read more
Two Porsches Finish in Glen Six-Hour Top-Ten; Porsche 911 GT3 Cup Teams Hold Three of Top-Five Spots in GRAND-AM Endurance Championship
WATKINS GLEN, N.Y., July 1 – Porsche placed two cars in the top-ten of the GRAND-AM Rolex Sports Car Series today at Watkins Glen International. The Sahlen’s Six Hours of The Glen has long been a bastion of Porsche success – including a victory in the 2011 running – but the German marque was only able to place two of it’s seven entries into the top-ten at the conclusion of the this year’s event. The No. 59 Brumos Racing Porsche 911 GT3 Cup finished sixth, the highest of the rear-engined machines, after leading late in the race. Horton Autosport’s No. 73 911 GT3 Cup took tenth. As a result of today’s race, the iconic automotive brand did hold onto three of the top-five positions in GRAND-AM’s inaugural North American Endurance Championship (NAEC). Read more
Porsche ceremonially hands over anniversary Cayenne to municipal fire brigade
Stuttgart/Leipzig. The 500,000th vehicle rolled off the production line in Porsche’s plant in Saxony. The anniversary sports car is a white Cayenne with a V8 engine and was converted into a command vehicle for the Leipzig fire brigade with the assistance of Porsche’s apprentices. In a ceremony today, Matthias Müller, the President and CEO of Dr. Ing. h.c. F. Porsche AG, handed over the car keys to the Lord Mayor of the City as a token of the affiliation with Porsche’s Leipzig home. Because everything started with a Cayenne in 2002. Read more