Mexican Media Brands
Porsche Holding Eyes Acquisitions As Profits Climb
Porsche Automobil Holding SE reports its net profit soared 17% to €1 billion in the second quarter.
#economics
Share
Porsche Automobil Holding SE reports its net profit soared 17% to €1 billion in the second quarter.
The company's only asset is its majority stake in Volkswagen AG. Porsche SE sold its carmaking unit to VW two years ago.
Porsche SE says it intends to spend much of its €2.5 billion in cash to buy small and midsize automotive component suppliers, perhaps in such areas as drivetrain and safety.
The holding company also confirms that it expects its full-year profit to be between €2.2 billion and €2.7 billion.
RELATED CONTENT
-
What Suppliers Need to Know Right Now
This is a time of reckoning for the auto industry, says Paul Eichenberg. He has some recommendations as to how companies can make their way through it.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Auto vs. Tech: Guess Who Wins
Matthew Simoncini, president and CEO of Lear Corp., provided some fairly compelling figures this week at the CAR Management Briefing Seminars that show just how out-of-whack the valuations of tech companies are vis-à-vis auto companies.