Porsche Profits Impaired by Pending VW Diesel Recall, Fines

AutoInformed.com

The negative effect on development programs could be severe because of the staggering amounts of money in the pending VW Group diesel recall.

Volkswagen AG in Wolfsburg said today that the VW Group intends to set aside a provision of some €Euro 6.5 billion in its profit and loss statement for Q3 of the current fiscal year.

The amount estimated – already staggering – may be “subject to revaluation” due to the ongoing investigations. Porsche Profits will be severely hurt. 

Because of the capital stake Porsche Automobil Holding SE, Stuttgart holds in Volkswagen AG (31.5%), the results of Porsche SE will be diminished. The Porsche Profits target for the Porsche SE Group for fiscal 2015 will also require adjustment downward.

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