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Porsche SE earnings down a third as German carmakers struggle
People facing Porsche SE logo on wall.

Published : 4 weeks ago, on

(Reuters) – Porsche SE’s earnings after tax fell a third, to 2.5 billion euros ($2.65 billion), in the first nine months of 2024, it said on Wednesday, weighed by the holding’s investments in carmakers Porsche AG and Volkswagen.

European carmakers are facing multiple hurdles, including high production costs, weak demand, the shift to electric vehicles and fierce Chinese competition.

Carmakers BMW, Mercedes-Benz and Stellantis have all issued profit warnings this year, and Volkswagen has proposed a 10% pay cut for employees and could close plants in Germany to save costs.

Porsche SE, which also holds shares in German bus service company Flix SE and Swiss car charger maker ABB E-mobility, said it supported planned cost-cutting at Volkswagen and expected the carmaker to meet its targets.

Porsche SE holds the majority of ordinary shares in Volkswagen and 25% plus one share of the ordinary shares in Porsche AG, the firm said.

All of its voting shares are held indirectly by members of the Porsche and Piech families.

($1 = 0.9427 euros)

 

(Reporting by Louis van Boxel-Woolf, Editing by Miranda Murray)

 

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication's content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

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