Germany's Volkswagen loses €1 billion in single quarter
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14 replies
Well, actually it is Porsche who is losing the billion €, as they surrender to their electric competitors and switched back to fossil fuels in a desperate move.
Important detail here, as most people probably don't realize that Porsche belongs to Volkswagen.
It's a bit more complicated than that. Volkswagen Group belongs to the Porsche Automobil Holding SE through a majority of shares, while Volkswagen Group owns the Porsche car manufacturer.
So it's Porsche Holding owning Volkswagen Group owning Porsche.
https://en.wikipedia.org/wiki/Porsche_SE https://en.wikipedia.org/wiki/Volkswagen_Group https://en.wikipedia.org/wiki/Porsche
It seems to be even more complicated than what you described, as I just realized:
Porsche SE is only owning 31.4% of the Volkswagen AG (which in turn owns 75% of Porsche AG), but has 53.3% of the shareholder voting rights.
Financial constructs of huge corporations are strange...
On top of that, lower saxony (where VW resides) has a law that effectively gives the country blocking minority rights, so those 53 percent don't give Porsche the ability to actually control the company.
I mean..
What do these pictures mean?
A beetle and an angry beetle
An iconic, reliable, easily repairable, and affordable car and a mediocre, enshittified piece of overpriced luxury lifestyle crap in one picture.
Pretty much a summary of VW's history and the reason why their profits are finally going down.
And that's just the bottom half of the picture.
Yeah, the title is misleading. The write-downs on Porsche alone meant 4.7 billion euros in charges. Vehicles sales, production and customer deliveries all increased in the third quarter year-on-year, though.
But openai loses >11 billion
If we work hard, we can support both with our taxes. In the end, they are giving us jobs. So I think we should give them some billions back for that.
Yes!! That's what Technologieoffenheit ("openness" to technology) is all about!! Building cars that cannot meaningfully be improved upon, that destroy our environment and pollute our cities. If we just dream hard enough we can stop the world from turning and continue selling those marvelous machines.
Sure, we have to heavily support them financially, nobody's going to buy them, that much is obvious. But at the same time fuck those struggling people, damn leeches!
Tja.
Selber schuld