Porsche is an interesting brand, in need of some repair. Their buzz is a bit soft…
When Wolfgang Porsche learned that his family’s sports car company would need an emergency cash infusion from its giant rival Volkswagen, he “went absolutely white.” “It was as though he’d heard someone died,” said one person briefed on the secret meeting between executives of the two companies. The meeting, at the offices of the governor of Lower Saxony state, where Volkswagen is based, effectively ended the company’s audacious bid for Europe’s largest automaker. It also was the beginning of the end of Porsche’s cherished independence. – from NYTimes
Porsche increased its stake in VW to some 51 percent at the beginning of 2009, and it was the first time the two carmakers reported sales and profits jointly. In a statement, Porsche said its profits were hurt by falling demand for new cars as a result of the economic crisis. “In the first nine months of the ongoing fiscal year, the Porsche subgroup could not avoid the downward trend that has overtaken the worldwide automobile industry,” the statement said. – from Chicago Tribune