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Porsche Annual General Meeting: Things are looking up again at Porsche

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Porsche Annual General Meeting
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'That is why we are working with full power to bundle our strengths.' Both companies want to tap growth potential through joint developments and productions and thus significantly reduce costs. The first successes can already be expected this year.

Sales still declining, but upward trend recognizable

In the first half of the 2009/10 financial year (January 31), sales fell by 3.1 percent year-on-year to 33,200 vehicles. From August to the end of November, the sports car maker had sold a quarter fewer cars, in the first quarter even 40 percent fewer than a year earlier. 'The upward trend is clearly visible,' said Winterkorn. For the year as a whole, Porsche expects sales above the previous year. In the past year 2008/09, sales had shrunk by almost a quarter to 75,238 vehicles.

In the medium term, the Stuttgart-based company want to increase annual production to 150,000 vehicles. New series should also contribute to this. According to preliminary figures, sales fell by 3.3 percent to 2.9 billion euros in the first half of the year. Winterkorn has not yet issued a revenue target for the year as a whole. Results for the half year were not presented on Friday. The sports car manufacturer is again expecting a billion-dollar loss for 2009/10.

'Volkswagen and Porsche are now heading into a successful future together,' said Winterkorn. This would also make it easier to shoulder the billions in investments required in new technologies. Under the umbrella of VW , Porsche will be a strong, remain an independent brand. 'A Porsche always has to be 100 percent a real Porsche. And there will be no compromises in the future either.'

Porsche is to be integrated into VW in 2011

The sports car manufacturer is to be integrated into the VW Group as the tenth brand in the course of 2011. There are still numerous hurdles to overcome. Above all, Porsche has to continue to pay off the billions in debt that the company had accumulated in the failed VW takeover. In 2011, a capital increase of a total of five billion euros is to contribute in particular.

After the failed takeover attack on VW, the desert state wasQatar bought ten percent of the sports car manufacturer and became the first shareholder who did not belong to the Porsche and Piƫch families. The emirate now also wants to secure influence on the Stuttgart supervisory board. The shareholders are to elect Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani as supervisor for four years. The sheikh would take the place of Hans-Peter Porsche, the brother of the chairman of the supervisory board, Wolfgang Porsche.

The shareholders should also agree that the 2011 business year will be adjusted to the calendar year. In addition, it is to be decided that all board members will have to disclose their salary in the future. Neither former board member had come to the general meeting.

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