Finance
Porsche-Piech family pushes for VW German plant closures, FT reports
Published by Global Banking & Finance Review®
Posted on December 18, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 18, 2024
1 min readLast updated: January 27, 2026
The Porsche-Piech family is pressing Volkswagen to close several German plants to enhance competitiveness amid restructuring concerns.
(Reuters) - The Porsche-Piech family, controlling Volkswagen's top shareholder, are increasingly concerned by the lack of progress in the German automaker's restructuring and has been pressing for the closure of several German factories, the Financial Times reported on Wednesday.
The family, which controls Porsche SE and through it holds 31.9% of Volkswagen, “made clear that it is necessary to rightsize the business in order to achieve long-term competitiveness”, FT said citing a person briefed on the discussions.
Volkswagen's dividend, one of the most important cash sources for Porsche SE, is set to fall to 6.75 euros from 9 euros last year according to LSEG estimates.
Last week, Porsche SE warned it may write down the value of its stake in Europe's top carmaker by up to 20 billion euros ($20.99 billion).
Porsche SE didn't immediately respond to a Reuters request for comment.
($1 = 0.9527 euros)
(Reporting by Bipasha Dey in Bengaluru; Editing by Tomasz Janowski)
The Porsche-Piech family's push for Volkswagen to close German plants to improve competitiveness.
They are worried about the lack of progress in Volkswagen's restructuring.
Volkswagen's dividend is expected to fall, and Porsche SE may write down its VW stake by up to €20 billion.
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