Major Shareholder of German Automaker Pushes for Urgent Measures to Maintain Market Edge

Deep News08-07

On Thursday, the controlling family of German automotive group Volkswagen AG stated that the company must take immediate action to safeguard its competitiveness. This marks their most direct message yet to management, aimed at accelerating cost-cutting initiatives and addressing challenges from Chinese rivals.

Hans Dieter Poetsch, Chairman of the Supervisory Board of Porsche SE—the investment vehicle for the Porsche/Piech family and the largest shareholder of Volkswagen AG—declared, "The Volkswagen Group is at a historic crossroads. For the company and its sustainable competitiveness, everyone must now step up and take responsibility." He added, "The longer decisions are delayed, the bigger the problems will become."

Porsche SE's Chief Financial Officer, Johannes Lattwein, called on the group to reduce excess capacity, significantly lower costs, and strengthen its decision-making processes. On Friday, Porsche SE reported a 14.5% decline in adjusted after-tax profit for the half-year, reaching 949 million euros (approximately $1.1 billion). The firm holds a 31.9% stake in Volkswagen AG and a 12.5% stake in its sports car subsidiary, Porsche.

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