…in other news, VW sales up 11% from last year. :wow
November 12, 2009
BERLIN (AP) – Porsche Automobil Holding SE said Thursday that it had a pretax loss of euro4.4 billion ($6.6 billion) in the past financial year, a result dragged down by costs related to its attempted takeover of Volkswagen AG.
The loss for the year that ended July 31 compared with a pre-tax profit the previous year of euro8.6 billion and was driven by writedowns for options on Volkswagen shares, the company said.
Porsche’s full annual report is due on Nov. 25.
The Stuttgart-based company had warned in July that it anticipated a pretax loss of up to euro 5 billion (~7.4 billion USD) for the 2008-2009 fiscal year.
Porsche accumulated heavy debt in a failed attempt to take over the larger Volkswagen.
Former chief executive Wendelin Wiedeking and chief financial officer Holger Haerter, who had championed the takeover drive, stepped down in July.
If I recall some rumors, the new CEO of Porsche, or the CEO of VW (forgot which), they wanted to extend Porsche’s lineup to 8 cars. They have five right now. The 911 would still be the flagship model, but they’d be having more cars like the Boxster/Cayman. It’d be a good idea for them, but then you’d have the same people who argued that the Panamera, Boxster, Cayenne, Cayman were all sacrilege. If it makes the company money, who cares as long as they do have some cars that stick to the company’s roots (911).
If Ford had that logic, you wouldn’t be driving an 06 F150.
Agreed. Purists are a pain in my ass. Nearly every car Porsche has made has been a success and as as much as I despise the 986/987 chassis it’s almost without argue the best thing(for the company financially) Porsche rolled off their assembly lines. From them have derived the Cayman, which is an excellent chassis on pretty much all accounts. Band for buck I would hands down buy a Cayman S before any of their newer 911’s(except GT3). A four liter direct injected Caymans S with GT3 suspension geometry would be the pinnacle of the newer chassis
The front engined water pumpers(924, 944, 968, 928) were great cars, and I wouldn’t be shocked at all to see a similar lineup in the next five years from them to fill a void that is currently there.
The Cayman S is hands down the best all around car I have ever driven. If I can’t sell the 911, I will prolly end up selling the GTR and LGT in favor of getting a Cayman S and money for wheels, coilovers, full exhaust. Those cars make me look like Schumacher.
