Volkswagen's earnings were affected by mounting challenges posed by higher US tariffs and the scrapping of a shift to electric vehicles by its luxury Porsche brand.
Well, actually it is Porsche who is losing the billion €, as they surrender to their electric competitors and switched back to fossil fuels in a desperate move.
Important detail here, as most people probably don’t realize that Porsche belongs to Volkswagen.
It’s a bit more complicated than that. Volkswagen Group belongs to the Porsche Automobil Holding SE through a majority of shares, while Volkswagen Group owns the Porsche car manufacturer.
So it’s Porsche Holding owning Volkswagen Group owning Porsche.
On top of that, lower saxony (where VW resides) has a law that effectively gives the country blocking minority rights, so those 53 percent don’t give Porsche the ability to actually control the company.
Yeah, the title is misleading. The write-downs on Porsche alone meant 4.7 billion euros in charges. Vehicles sales, production and customer deliveries all increased in the third quarter year-on-year, though.
Well, actually it is Porsche who is losing the billion €, as they surrender to their electric competitors and switched back to fossil fuels in a desperate move.
Important detail here, as most people probably don’t realize that Porsche belongs to Volkswagen.
It’s a bit more complicated than that. Volkswagen Group belongs to the Porsche Automobil Holding SE through a majority of shares, while Volkswagen Group owns the Porsche car manufacturer.
So it’s Porsche Holding owning Volkswagen Group owning Porsche.
https://en.wikipedia.org/wiki/Porsche_SE https://en.wikipedia.org/wiki/Volkswagen_Group https://en.wikipedia.org/wiki/Porsche
It seems to be even more complicated than what you described, as I just realized:
Porsche SE is only owning 31.4% of the Volkswagen AG (which in turn owns 75% of Porsche AG), but has 53.3% of the shareholder voting rights.
Financial constructs of huge corporations are strange…
On top of that, lower saxony (where VW resides) has a law that effectively gives the country blocking minority rights, so those 53 percent don’t give Porsche the ability to actually control the company.
Yeah, the title is misleading. The write-downs on Porsche alone meant 4.7 billion euros in charges. Vehicles sales, production and customer deliveries all increased in the third quarter year-on-year, though.
I mean…
What do these pictures mean?
A beetle and an angry beetle
An iconic, reliable, easily repairable, and affordable car and a mediocre, enshittified piece of overpriced luxury lifestyle crap in one picture.
Pretty much a summary of VW’s history and the reason why their profits are finally going down.
And that’s just the bottom half of the picture.