Porsche – World’s Most Profitable Carmaker In 2006
Bloomberg reports Porsche AG’s 911, a $72,400 sports car, spurred the carmaker? being the world’s most profitable last year. CEO Wendelin Wiedeking says earnings will grow even more because of Volkswagen AG’s Golf, a $15,000 hatchback.
The report said Wiedeking may extend the luxury car company’s share-price gains by increasing the stake and using Porsche’s influence to convert Europe’s biggest carmaker. Analysts and investors say Porsche’s experience in production will enhance Volkswagen’s profitability, while the companies will save by sharing development costs.
Sales and profit at Volkswagen, now 31 percent owned by Porsche, have already increased since the initial tie-up, spurring Porsche’s shares more than double.
Peter Braendle, who helps manage almost 63 billion Swiss francs ($52 billion) in assets at Swisscanto Asset Management in Zurich, plus shares in both car companies, said Porsche knows how to manage itself and stands to significantly earn from its ownership in Volkswagen.
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