Porsche SE demands VW overhaul as profit drops 21 percent
Porsche SE reported a 21 percent drop in adjusted profit. The controlling families are now pushing Volkswagen to realign its business model amid competition.
The controlling families of VOLKSWAGEN AG demanded a business model overhaul on Wednesday after first-quarter profits at Porsche SE dropped. Porsche SE, the investment vehicle for the Porsche-Piech dynasty, reported a 21% decline in adjusted profit to 382 million euros ($469 million). The pressure intensifies as traditional automotive margins face threats from trade tariffs and rising competition in China.
### Porsche SE Results Hit by Writedowns The holding company recorded an unadjusted loss of 923 million euros for the January-March period. This result followed a 1.3 billion euro non-cash writedown on its stake in Volkswagen, after a 1.1 billion euro loss last year. Porsche SE currently holds 31.9% of Volkswagen's equity and 53.3% of its voting rights.
