Latest news with #Piech
Time of India
5 days ago
- Automotive
- Time of India
VW shareholder Porsche SE eyes higher defence exposure as auto sector flails
Volkswagen 's largest shareholder, holding firm Porsche SE , said on Wednesday that it planned to deepen its involvement in the defence sector, while reaffirming its core focus on cars and industrial technology. The move aligns with a broader trend among German auto and car parts makers. Companies like Volkswagen, Daimler Truck and Schaeffler have been exploring the defence industry as a potential growth avenue as Europe ramps up military spending . The holding vehicle of the Porsche and Piech families, which owns 32 per cent in Volkswagen and 12.5 per cent in luxury carmaker Porsche AG , said it intended to launch an investment platform in cooperation with other investors and partners, targeting emerging companies in the defence space. As part of this initiative, it would host a "Defense Day" event to connect German and European family offices with investment opportunities in the sector, it said without giving further details. Independently of the platform, the company is intensively exploring investment opportunities in areas such as satellite surveillance, reconnaissance and sensor systems, cybersecurity and logistics, it added. "The sector is hyped at the moment and likely to experience continued strong growth in the foreseeable future," said analyst Fabio Hoelscher from Warburg Research, though he noted no capital commitments had been made so far. Porsche SE outlined the investment plans after cutting its full-year earnings forecast, weighed down by a weaker half-year performance and an outlook cut at Volkswagen, its largest portfolio company whose performance is heavily reflected in the holding firm's results. While defence investments would counterbalance its cyclical automotive exposure to some extent, the sector is unlikely to become something as large and material for Porsche SE as its stakes in Volkswagen and Porsche AG in the short to medium term, Hoelscher said. Porsche first flagged its intention to expand investments into the defence sector in March.
Wall Street Journal
6 days ago
- Automotive
- Wall Street Journal
Porsche SE Eyes Defense Investments as Tough Auto Market Prompts Guidance Cut
Porsche Automobil Holding SE will target defense-sector investments after the holding company cut its full-year earnings guidance due to current challenges in the auto sector. The company, which is controlled by the Porsche and Piech families, expects lower contributions from its key investments in automakers Volkswagen VOW3 -0.18%decrease; red down pointing triangle and Porsche.
Yahoo
17-03-2025
- Automotive
- Yahoo
Porsche, Piech Clans Mull Partial Sale of VW Shares, Bild Says
(Bloomberg) -- The billionaire Porsche and Piech family is exploring options to potentially reduce its voting stake in Volkswagen AG, according to a report by German tabloid Bild Zeitung. ICE Eyes Massive California Tent Facility Amid Space Constraints How Britain's Most Bike-Friendly New Town Got Built The Dark Prophet of Car-Clogged Cities Washington, DC, Region Braces for 'Devastating' Cuts from Congress Saving the Signature Sound of Washington, DC The family's main investment vehicle Porsche Automobil Holding SE is discussing lowering its voting stake to 50% or 45%, from currently just over 53%, according to the report, which cites unidentified people familiar with the discussions. There's no agreement within the Porsche and Piech family on a share sale so far and the decision would need 'consensus' within the billionaire clan, the newspaper said. 'There aren't currently any concrete considerations at Porsche SE about sales of VW shares, nor were there any in 2024,' a representative for the holding company said by email. 'There have also been no discussions with investors regarding any sale of VW shares.' Volkswagen shares are split between common stock that carries voting rights and the more widely traded preferred stock, which is listed in Germany's DAX blue-chip index and doesn't carry voting rights. Porsche SE expects an after-tax loss of about €20 billion ($21.8 billion) for fiscal 2024 due to deteriorations in its investment holdings, underscoring the deep strains afflicting some of Europe's top carmakers, it disclosed in a filing earlier this month. That was largely linked to a non-cash impairment of negative €19.9 billion on the carrying value of its investment in VW. Nvidia Looks Past DeepSeek and Tariffs for AI's Next Chapter How America Got Hooked on H Mart How Trump's 'No Tax on Tips' Could Backfire for the Working Class College Presidents on Trump, Tuition and Universities Under Pressure As China's Birth Rate Drops, Pampered Pets Reap the Benefits ©2025 Bloomberg L.P.
Yahoo
16-03-2025
- Automotive
- Yahoo
Porsche SE says it is not considering sale of Volkswagen shares
FRANKFURT (Reuters) - Porsche SE, Volkswagen's biggest shareholder, is not considering selling voting shares in Europe's largest carmaker, the holding firm said on Sunday following a newspaper report that it was weighing such a move. German tabloid Bild, citing people familiar with the matter, said the Porsche and Piech families that jointly control Porsche SE were considering divesting shares in Volkswagen to free up capital for other investments. Bild's report said possible scenarios include reducing the stake in Volkswagen's ordinary shares to 45%-50%, from 53.3% at present. According to Reuters calculations, that would raise 1.07 billion to 2.69 billion euros ($1.16 billion-$2.93 billion) at current prices. "At Porsche SE there are currently no concrete considerations, nor were there in the course of 2024, to divest VW shares," the holding firm said in a statement, adding that any plans to sell VW shares would have to be reported in its accounts. "There have also been no discussions with investors regarding the sale of VW shares. Porsche SE is committed to its role as a long-term anchor shareholder of Volkswagen AG and is convinced of the Volkswagen Group's potential for increasing value." Volkswagen declined to comment. Porsche SE owns 31.9% of Volkswagen's equity and 53.3% of its voting rights, and holds a blocking minority in the untraded voting shares in Porsche AG, the luxury sportscar maker that was listed in 2022. Volkswagen and Porsche form Porsche SE's so-called core investments, and the holding firm last year said that in the long-term it would not rule out "a possible reallocation" between the two as well as its smaller portfolio investments. Porsche SE earlier this month disclosed substantial impairments on its two biggest holdings, 19.9 billion euros on Volkswagen and 3.4 billion euros on Porsche AG. ($1 = 0.9192 euros) Sign in to access your portfolio
Yahoo
16-03-2025
- Automotive
- Yahoo
Porsche SE says it is not considering sale of Volkswagen shares
FRANKFURT (Reuters) - Porsche SE, Volkswagen's biggest shareholder, is not considering selling voting shares in Europe's largest carmaker, the holding firm said on Sunday following a newspaper report that it was weighing such a move. German tabloid Bild, citing people familiar with the matter, said the Porsche and Piech families that jointly control Porsche SE were considering divesting shares in Volkswagen to free up capital for other investments. Bild's report said possible scenarios include reducing the stake in Volkswagen's ordinary shares to 45%-50%, from 53.3% at present. According to Reuters calculations, that would raise 1.07 billion to 2.69 billion euros ($1.16 billion-$2.93 billion) at current prices. "At Porsche SE there are currently no concrete considerations, nor were there in the course of 2024, to divest VW shares," the holding firm said in a statement, adding that any plans to sell VW shares would have to be reported in its accounts. "There have also been no discussions with investors regarding the sale of VW shares. Porsche SE is committed to its role as a long-term anchor shareholder of Volkswagen AG and is convinced of the Volkswagen Group's potential for increasing value." Volkswagen declined to comment. Porsche SE owns 31.9% of Volkswagen's equity and 53.3% of its voting rights, and holds a blocking minority in the untraded voting shares in Porsche AG, the luxury sportscar maker that was listed in 2022. Volkswagen and Porsche form Porsche SE's so-called core investments, and the holding firm last year said that in the long-term it would not rule out "a possible reallocation" between the two as well as its smaller portfolio investments. Porsche SE earlier this month disclosed substantial impairments on its two biggest holdings, 19.9 billion euros on Volkswagen and 3.4 billion euros on Porsche AG. ($1 = 0.9192 euros)
