Porsche plans to take absolute control of VW November 26
For a few years there at large profile gatherings in America – especially sporting events – people wielding signs that referenced the Bible passage "John 3:16" and said things like "Be prepared" and "The end is nigh" were a common sight. We wouldn't be surprised if signs began showing up around VW headquarters that read "He is coming, 26-11-08." But the "he" they'd be referring to is Wendelin Wiedeking, CEO of Porsche, now that Porsche has announced its plans to take a greater-than-50-percent share in VW before the end of November.
Porsche's annual meeting is on November 26. The company hasn't said how big a stake it plans to take, nor when it will be doing the taking, but it's apparently ready to get this whole VW-ownership escapade into an endgame. There are still legal issues and technical challenges and Lower Saxony to deal with, but we have a feeling it's going to be a lot more difficult to argue with the phrase "absolute majority."
[Source: Automotive News, sub. req'd]
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Reader Comments (Page 1 of 2)
Bryant 6:10PM (10/07/2008)
I'd hate to see a Porschogini. The only possible benefit from this might be the replacement of the Panamera with the Estoque.
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John 6:38PM (10/07/2008)
I would like to see a Porsche v6 in a future model of a GTi, though. With Porsche famous R&D, and VW's bang for the buck, I don't think this is going to be a bad thing here.
Kitko 6:10PM (10/07/2008)
They don't have Thanksgiving in Germany.
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Sandeep 6:18PM (10/07/2008)
Nice graphic
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Sandeep 6:19PM (10/07/2008)
Nice graphic
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KeatMP 6:31PM (10/07/2008)
I laughed out loud at the graphic.
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GiveItUP 6:33PM (10/07/2008)
I still cant believe how on earth did Porsche got so much money to gobble up VW. It's not like VW is a low volume manufacturer, it's the 3rd biggest car corporation on the planet and it's making more money than ever! The only explanation I can come out is Porsche cars are hideously overpriced. I wonder how much it actually cost to make the Cayenne or the Boxtser. Probably 2 dime and a nickle..
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zamafir 7:19PM (10/07/2008)
or it could be that they're the most profitable car company on earth... but that's the real tin-foil free reason. It’ll be interesting to see how many high placed vw execs are fired in order for this to come to fruition.
CEMan 7:49PM (10/07/2008)
I read somewhere that Porsche makes over $20,000 US in profit on every 911 they sell. Margins are close to that on all the product. Cayenne, much as I think it is truly FUGLY, is a profit center for the company.
The article also stated Porsche AG was the most profitable auto manufacturer in 06 on a per unit basis. Say what you want about they're hegemonic actions, they are one smart company.
And to think they were almost bankrupt some 25 years ago...
Gary 11:59PM (10/07/2008)
It's disgusting how profitable low-volume sales Porsche has become to be able to buy Volkswagen which is one of the highest volume car makers in the world. Porsche has played the marketing game perfectly to convince people that it's worth paying that so much money for a car that will typically be used for commuting and bragging.
I wonder if this will end up being another Daimler-Chrysler disaster? At least the employees at Porsche and VW speak the same language.
mk3 9:47AM (10/08/2008)
It can't be a Daimler-Chrysler disaster because neither of the companies is Chrysler.
I think this overtaking has more to do with financial things and both will keep their status.
wushu 6:34PM (10/07/2008)
I hope the EU steps in and stops evil Porsche AG from acquiring VW and stealing Audi's technology for itself while at the same time preventing Audi from making better cars than Porsche like the 6 cylinder version of the Audi R8 that would have been faster than the Porsche Cayman S for less price than a base Porsche Cayman non-S. Choice is good for the consumer. Porsche AG is not.
I'm calling for an Internet Boycott of all things Porsche. Tell all your friends about it.
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CEMan 7:51PM (10/07/2008)
How exactly has Porsche stopped Audi from doing anything? Please elucidate a bit if you can.
What are ya gonna boycott? The website? Porsche Design and Porsche AG are 2 different companies ya know?
montoym 8:36PM (10/07/2008)
Quote from wushu: -
"like the 6 cylinder version of the Audi R8 that would have been faster than the Porsche Cayman S for less price than a base Porsche Cayman non-S" -
The R8 has a base price of $112K and the base Cayman is at $49K.
I really doubt a change in the engine is going to drop the R8's price by some 56%.
If by chance you mean a completely different model that would feature a mid-engine V6, I doubt that will be coming along. Audi built the R8 beacase they already had the Gallardo chassis lying around. It's not something I would have expected them to do on their own.
For that same reasoning, I don't see them coming out with a smaller 6-cyl mid-engined car either. The only chassis they could use would have to come from Porsche(no other options within VWAG) and I don't see that happening.
Skybreak 8:47PM (10/07/2008)
I've been boycotting Porsche my whole life already.
But when I win the lottery or land some big inheritance I plan to change that!
mk3 10:14AM (10/08/2008)
People who buy Audis are very different from the people who buy Porsches. When it comes to Porsche the price of another similar car makes no difference. Porsche clients won't buy an Audi just because it is priced differently. So i think that the overtaking of porsche makes no difference for audi or porsche models. If anything there will be better technology for Porsche and more luxury for audi.
Kotse 6:51PM (10/07/2008)
It's a Porsche "blitzkrieg"!!..
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poematik14 10:15PM (10/07/2008)
Hopefully this means we get a cayman (987c) based new karman ghia.
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mmcc 11:12PM (10/07/2008)
to those who say they dont want Porsche to steal Audi technology... you know Porsche has been contracted over the years to develop a lot of technology for Audi... and things like DSG boxes? Porsche had them a long time ago in racing 956s... There is nothing Audi and VW have in stock that Porsche could aquire that they don't already have...
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Dondonel 7:29AM (10/08/2008)
@mmcc
Porsche has a tiny R&D budget compared to VW and neither developed DCT transmissions in-house. VW's DCT was developed by Borg-Warner, Porsche's DCT was developed by ZF. Porsche had an unsuccessful DCT gearbox installed in some race cars 20 years ago, but it has nothing to do with the current one made by ZF.