Porsche Automobil Holding SE·Consumer Cyclical
Porsche Automobil Holding SE, through its subsidiaries, operates as an automobile manufacturer worldwide. It operates through two segments, PSE and Intelligent Transport Systems. The company offers motorcycles, small cars, and luxury vehicles, as well as commercial vehicles, such as pick-ups, buses, and heavy trucks under the Volkswagen, Audi, SEAT, KODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Scania, and MAN brand names. It also develops software solutions for transport logistics, as well as traffic planning and management; and provides dealer and customer financing, leasing, banking, insurance, fleet management, and mobility services. Porsche has an agreement with ABB to develop a high-power charger for its electric vehicles in Japan. The company was formerly known as Dr. Ing. h.c. F. Porsche Aktiengesellschaft and changed its name to Porsche Automobil Holding SE in November 2007. Porsche Automobil Holding SE is headquartered in Stuttgart, Germany.
Consumer Cyclical
Auto - Manufacturers
48
2010-01-20
0.94

Porsche is closing three of its subsidiaries as it copes with falling sales and declining profits, the German automaker announced Friday.

The sports-car maker is doubling down on its strategic turnaround efforts by shedding further non-core assets, as its new chief looks to streamline the automaker and boost profit.

Porsche AG said on Friday that it planned to cut more than 500 jobs as it discontinues three subsidiaries to focus on core business.

Porsche AG backed its full-year guidance despite continuing economic and geopolitical uncertainties, as it presses ahead with a strategic reset.

Porsche on Wednesday said its first-quarter profit fell by more than a fifth, piling further pressure on CEO Michael Leiters to cut costs and revive sales.

Porsche (POAHY) has agreed to sell its entire stake in the Bugatti Rimac venture to a consortium led by HOF Capital, signaling a full exit from the ultra-luxury