According to foreign media reports, Porsche Automotive Holdings (Porsche SE) said on November 13 that after-tax profit for the first nine months of 2024 fell by one-third year-on-year to 2.
5 billion euros (US$2.
65 billion).
The company said that the decline in profits was mainly affected by its holdings in Porsche and Volkswagen.
Porsche Holdings, which also holds stakes in German bus service company Flix SE and Swiss car charger manufacturer ABB E-mobility, has expressed support for Volkswagen’s planned cost-cutting plans and expects Volkswagen to successfully achieve its goals.
, Porsche Holdings holds the majority of Volkswagen’s common shares and owns 25% plus one share of Porsche’s common shares.
, Photo source: Porsche, currently, many European automakers are facing multiple challenges, including high production costs, weak consumer demand, electrification transformation and fierce competition from China automakers.
European carmakers such as BMW, Mercedes-Benz and Stellantis have all issued profit warnings this year, while Volkswagen has proposed a pay cut plan that plans to cut employee wages by 10%.
In addition, Volkswagen also said that the company may close some factories in Germany to achieve cost savings.
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