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[โ€“] 28 points 9 months ago (3 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 9 months ago (1 child)

    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 9 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 9 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 9 months ago (1 child)
  • [โ€“] 5 points 9 months ago (2 children)
  • [โ€“] 2 points 9 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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