The main shareholder of Volkswagen and Porsche, the Porsche SE holding company (PSE), made less profit due to the weaker results of the automakers.
The group's net profit fell by around a third over the first nine months, to 2.5 billion euros, the company announced on Wednesday. PSE, controlled by the VW-owning families, is feeling the consequences of the difficult market environment in the auto industry. “In this context, Porsche SE supports effectiveness and efficiency programs across the entire Volkswagen Group and assumes that the strategic results and liquidity targets will be achieved.”
At VW and Porsche, profits are falling, mainly due to falling sales in China. The group plans severe cuts at unprofitable flagship VW, with pay cuts, layoffs and factory closures in Germany also being considered. In the wake of VW, PSE also lowered its profit forecast for the whole year at the end of September by just over a billion euros, to a range of 2.4 to 4.4 billion euros. euros.
(Reporting by Ilona Wissenbach, editing by Myria Mildenberger. For questions, please contact the editorial board at [email protected])
