Porsche Holding Vz. Stock News
€24.55
3.08%
Xetra, Oct 08, 05:35 pm CEST.
Closed.
Porsche Holding Vz. Stock News
The company raised its stake in German auto racing team and performance tuning company as part of its strategy to expand individualization options on its cars.
The sports car maker said it would offer more higher-end vehicles and aim to increase the average selling price by about 20%.
Porsche wants to restore its profit margins with the help of deep-pocketed sports car fans, while shrinking the company in line with lower sales volumes.
Porsche is steeling itself for persistently lower sales, the Volkswagen brand said on Wednesday, pitching a turnaround plan to investors that aims to boost margins with a focus on top-end models.
The court dismissed appeals from hedge funds seeking damages from the company's failed takeover bid for Volkswagen in 2008.
Long Volkswagen's most reliable profit driver, luxury sports car maker Porsche has become its biggest problem, creating a road bump for CEO Oliver Blume's restructuring plans at Europe's biggest carmaker.
Porsche CEO Michael Leiters told staff there were no plans to cut an additional 4,000 jobs at the Volkswagen sports car subsidiary, according to an internal memo seen by Reuters on Monday.
Shares in Europe's top automaker Volkswagen continued to fall on Monday, following a profit warning that included a €6 billion ($6.88 billion) goodwill impairment at luxury sportscar division Porsche
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