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
Highest distinction for chief designer Michael Mauer and the Style Porsche design team
Essen/Stuttgart. In appreciation of its uninterrupted great design performance, the Style Porsche design team has been awarded as the “red dot: design team of the year 2012.” Chief designer Michael Mauer and his team of 80 have been dedicated to the task of sustaining and advancing the Porsche identity across all model ranges since 2004. With the new Porsche 911 Carrera, the design team has triumphed in carrying forward the success story of the 911, which has spanned a period of nearly 50 years up to now. For this, the design icon was already awarded the “red dot: best of the best 2012” this year. 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