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[โ€“] 28 points 10 months ago (8 children)

Well, actually it is Porsche who is losing the billion โ‚ฌ, as they surrender to their electric competitors and switched back to fossil fuels in a desperate move.
Important detail here, as most people probably don't realize that Porsche belongs to Volkswagen.

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  • [โ€“] 6 points 10 months ago (2 children)

    It's a bit more complicated than that. Volkswagen Group belongs to the Porsche Automobil Holding SE through a majority of shares, while Volkswagen Group owns the Porsche car manufacturer.

    So it's Porsche Holding owning Volkswagen Group owning Porsche.

    https://en.wikipedia.org/wiki/Porsche_SE https://en.wikipedia.org/wiki/Volkswagen_Group https://en.wikipedia.org/wiki/Porsche

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  • [โ€“] 12 points 10 months ago (1 child)

    It seems to be even more complicated than what you described, as I just realized:

    Porsche SE is only owning 31.4% of the Volkswagen AG (which in turn owns 75% of Porsche AG), but has 53.3% of the shareholder voting rights.

    Financial constructs of huge corporations are strange...

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  • [โ€“] 2 points 10 months ago

    On top of that, lower saxony (where VW resides) has a law that effectively gives the country blocking minority rights, so those 53 percent don't give Porsche the ability to actually control the company.

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  • [โ€“] 3 points 10 months ago (3 children)
  • [โ€“] 5 points 10 months ago (2 children)
  • [โ€“] 2 points 10 months ago*

    An iconic, reliable, easily repairable, and affordable car and a mediocre, enshittified piece of overpriced luxury lifestyle crap in one picture.

    Pretty much a summary of VW's history and the reason why their profits are finally going down.

    And that's just the bottom half of the picture.

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