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Posts Tagged ‘Porsche takeover’

Milestones: 10,000 Porsche Panamera Sedans

The four-door is off to a strong start at the Leipzig plant.

by on Dec.14, 2009

Porsche Panamera number 10, 000 rolled off the production line at the Leipzig plant

The 500-horsepower Panamera Turbo will be delivered to a customer in Singapore.

While Porsche AG is struggling with profitability and cutting work hours, the new introduced Panamera sedan is doing nicely.

Three months after the new Panamera went on sale, the 10,000th car rolled off the production line at the Leipzig plant. The 500-horsepower, platinum silver metallic, Panamera Turbo will be delivered to a customer in Singapore.

The company plans to build 20,000 Panamera models per year on average. The so-called fourth Porsche model series is being manufactured at the Leipzig plant, sharing a production line with the Cayenne SUV.

Bitte!

Bitte!

The model range starts with the Panamera S, combining a 400-horsepower 4.8-liter eight-cylinder with rear-wheel drive, with power transmitted via a six-speed manual gearbox. An option is a PDK Porsche-Doppelkupplungsgetriebe, an automatic transmission with seven speeds and stop/start technology. The 4S adds all-wheel-drive. And the Turbo – actually, it is bi-turbo – boosts output to 500 horsepower by force-feeding the V8. Eventfully, a V6 model is planned.

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Porsche Extends Short Time at Famed 911 Plant

More closing days scheduled after the worst loss since 1994.

by on Dec.10, 2009

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Last year, 911 sales at 27,000 were off 14%.

Porsche announced this morning that it would extend shortened working hours at the Zuffenhausen plant until the end of March 2010.

In the coming three months, approximately 2,300 employees who make 911 sports cars will not be working on a total of 16 days, according to a statement issued jointly by the Management Board and Works Council of Dr. Ing. h.c. F. Porsche AG.

This follows short time of 18 days for the September to December period.

The Works Council said it came to an agreement with Porsche to ensure that employees will “suffer no financial disadvantages” because of these shortened hours.

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Bitte!

It is the first time since 1995 that the sports car manufacturer shortened hours, in what was once thought to be a recession proof business.

In November, Porsche SE reported it lost (-€4.4) billion before taxes for the business year 2008/09, or operations for August 1, 2008 to July 31, 2009. Net loss was (-€2.52) billion for the 12 months.

The loss was Porsche’s first annual deficit since 1994.

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Wolfgang Says Porsche Will Survive VW Takeover

Family heir cautions merger will take time to make work.

by on Sep.14, 2009

Victor and vanquished.  Ferdinand Porsche, (left) Chairman of the company bearing his family name, meets with Ferdinand Piech, Chairman of Volkswagen.  The larger maker beat back a takeover bid by Porsche and will now "merge" with the sports car maker - on its terms - in 2011.

Victor and vanquished: Wolfgang Porsche, (left) Chairman of the company bearing his family name, meets with Ferdinand Piech, Chairman of Volkswagen, which is taking Porsche over.

The shotgun marriage of sports car manufacturer Porsche and the German automotive giant, Volkswagen, will be a “good thing, but not easy” to pull off, said Dr. Wolfgang Porsche, the chairman of the smaller company’s supervisory board, and grandson of the company’s founder, Ferdinand Porsche.

The 65-year-old executive put in a surprise appearance – along with Porsche’s entire board of directors, during a Monday evening preview of some of the products the various Volkswagen brands plan to launch during the 2009 Frankfurt Motor Show.  The VW Group currently operates nine separate marques, and with the planned takeover of Porsche, that would grow to ten.

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No Leveraged Financing Needed!

Porsche’s forced decision to put itself under the wing of the bigger manufacturer wrapped up one of the nastier – and odder – battles to shake the global automotive industry in recent years. In a wreckless “David versus Goliath” challenge, former Porsche CEO Wendelin Wiedeking began buying up shares of VW, hoping to put his company in control.  But Wiedeking didn’t count on Volkswagen’s Chairman, Ferdinand Piech, who happens to be Wolfgang Porsche’s cousin.

In the end, Piech blocked the bid, leaving Porsche with a massive debt for the Volkswagen shares it acquired.  Left with little alternative, Wiedeking resigned, and the sports car maker agreed to be the one taken over – though the deal is officially being described as a “merger.”

“I think it’s (going to be) a good thing, but not easy…to do,” said Wolfgang Porsche.  During an exclusive interview with TheDetroitBureau.com, he emphasized that, “You have to do all the steps, a lot of meetings, a lot of financial things, and for that you will need time.”

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VW Warns It “Will Not Be Pushed” By Porsche

Big maker delays merger talks, could bolt entirely.

by on May.18, 2009

Volkswagen "will not be pushed" into a hasty marriage with Porsche, but behind the scenes, the dispute may reflect a familial squabble with Ferdinand Piech, a Porsche heir and senior VW board member, at its center.

Volkswagen "will not be pushed" into a marriage with Porsche. Behind the scenes, the dispute may reflect a familial squabble with Ferdinand Piech, a Porsche heir and senior VW board member.

Saying he “will not be pushed” into hastily hammering out a merger with the smaller Porsche, Volkswagen CEO Martin Winterkorn has postponed a meeting between the two companies scheduled for today.

Porsche is downplaying the delay, insisting that other meetings with VW are still going ahead, “in a normal manner,” according to a statement on its website.  But a spokesman for VW, in Europe, said that there are no further talks planned, for the moment.

Citing the need for “full transparency,” Winterkorn stressed that he does not want to “risk Volkswagen’s financial stability and sovereignty,” with a hastily-arranged corporate marriage.  In a letter to the automaker’s employees, first obtained by the Associated Press, Winterkorn said that, “For any association between Volkswagen and Porsche, we have to systematically analyze the position of Porsche in order to get a clear picture of the real situation.” (more…)