Porsche SE: Crisis at Volkswagen and Porsche reduces wealth of the owner family
The automotive industry is in crisis. This is also being felt by the Volkswagen owner's holding company. Several investments are being massively devalued. However, the value of others is increasing - but not enough.
Porsche SE, the holding company owned by the Porsche and Piëch families, reported a net loss of 2.8 billion euros in the first nine months of the year. This is a significant decline from the 1.2 billion euro profit recorded in the same period last year. The losses are primarily due to impairments on its stakes in Volkswagen and Porsche AG, which are struggling with challenging market conditions, particularly in China and the automotive industry's transformation.
The company's other investments, however, increased in value by 134 million euros to 669 million euros. Porsche SE has also made new investments in various technology companies, including Stoke Space Technologies, Quantum Motion, and Isar Aerospace.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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