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Archive for Category: "Porsche"
Porsche posts record profits on back of VW stock options
German luxury sports car maker Porsche posted record annual results Friday on the back of its holding in Europe's biggest car maker Volkswagen but voiced concern about the future as growth slows sharply. Porsche said its year to July 2008 net profit soared nearly 51 percent to 6.39 billion euros (7.21 billion dollars) as the [...]
Porsche takes effective control of VW
German sports car maker Porsche said it had raised its stake in Volkswagen to 35 percent Tuesday, effectively winning control of Europe's biggest automaker. Porsche said in a statement it had boosted its stake in Volkswagen to 35.14 percent from 31 percent, giving it a “permanent majority at the VW general assembly.” The move makes [...]
Porsche contests results of VW general assembly
German luxury sportscar maker Porsche and the German state of Lower Saxony pursued legal skirmishes on Tuesday aimed at wresting control of the biggest European carmaker, Volkswagen. Porsche said it had filed a court petition to challenge the results of a Volkswagen general assembly that rejected proposed changes to its bylaws. Porsche proposed at the [...]
Porsche demands changes to VW statutes
Porsche, the German sports car maker, cranked up pressure on Volkswagen Friday, saying it had urged the biggest European carmaker to scrap corporate statutes that have been ruled illegal. The manufacturer of the 911 sports car currently owns 31 percent of the shares in VW and plans to raise its stake to more than 50 [...]
Porsche launches bid for VW as it takes control of Scania
Europe's biggest auto firm Volkswagen said Monday it had won control of Swedish truck maker Scania, just before the luxury sports car group Porsche said it was gearing up to take control of VW. VW's decision to take control of Scania could dramatically reshape the heavy vehicle industry via an eventual merger of the Swedish [...]
Porsche recalls 128 of its 911 GT3 sports cars
Porsche is recalling 128 of its 911 GT3 and 911 GT3 RS sports cars to repair switches that control traction and adjust suspensions. It said the problem could lead to the two functions' failure, although it was unaware of any cases in which this had happened. The recall covers models made between Sept. 28 and [...]
EU court ruling paves way for Porsche bid for Volkswagen
Europe's highest court threw out Tuesday a German law that protects Volkswagen against takeovers, paving the way for Porsche to tighten its grip on the wheel of the continent's biggest carmaker. The European Court of Justice ruled against the “Volkswagen Law,” thus allowing Porsche to exercise voting rights in line with its 31-percent stake in [...]
Porsche Customers Name Boxster and Cayman Their Ideal Sports Cars
Porsche customers have again lauded the superior driving experience of their cars through AutoPacific’s 2007 Ideal Vehicle Awards (IVA) survey. The California-based automotive marketing and product-consulting firm created the IVAs to measure how closely a vehicle matches an owner’s expectations. The Porsche Boxster achieved the first place IVA in the sports car segment, marking its [...]
Porsche Announces Restructure of its Field Organization to Better Serve its U.S. Market
Porsche Cars North America, Inc. (PCNA)—a car company that has enjoyed record sales in the United States during the past three calendar years — announced that it will reorganize its U.S. field operations to help foster more direct interaction with it dealers and customers, and better serve each region’s unique marketing demands. Beginning October 1, [...]
Porsche, VW workers square up in German takeover drama
Friction is mounting between German automaker Porsche and workers at Volkswagen, where employee representatives fear losing their influence if VW is swallowed up by Porsche. Porsche head Wendelin Wiedeking fired the first shot earlier this month, unveiling his plans to take control of Volkswagen, the German group of which Porsche already owns about 31 percent. [...]
