Volkswagen’s controlling families are calling on the company to take immediate action to secure its competitiveness as profits fall. The German auto group’s top shareholder, Porsche SE, reported a 14.5% drop in adjusted half-year earnings after tax to €949 million ($1.1 billion).
Financial Concerns
Porsche SE’s board chairman, Hans Dieter Poetsch, stated that the company is at a historic crossroads and must take responsibility to ensure sustainable competitiveness. The finance chief, Johannes Lattwein, emphasized the need to reduce excess capacity, lower costs, and strengthen decision-making.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
