Porsche to increase VW stake over 50% this year

Okay, so we did a little search on our website of all the latest posts we made on this whole Porsche increaseing its stake in Volkswagen topic. Last time we heard anything on this issue, Porsche was trying to increase its power and influence in Audi, then Porsche CEO Wendelin Wiedeking found a baby walkie-talkie in his hotel suite, Porsche then realized increasing its shares in Volkswagen my help them decrease their fuel-economy fines and then back in March Porsche’s board gave approval to take majority stake in Volkswagen.

Today, Wiedeking said that Porsche plans to increase its stake in Volkswagen over 50 percent this year. Porsche currently holds 31 percent. Wiedeking said that both Porsche and Volkswagen will continue to grow on their own paths but will do that under the Porsche Automobil Holding company name.

“Porsche will also remain Porsche in the future. And Volkswagen will also remain Volkswagen. That is the success formula,” said Wiedeking in the statement.

Source: Automotive News (Subscription Required)