By now, most of you know that Volkswagen will officially acquire 42 percent of Porsche’s stock by the end of 2009. By the end of 2011, Porsche will merge into Volkswagen, becoming the 10th brand under Europe’s largest automaker.
“Volkswagen and Porsche today took a decisive step towards a joint future,” said Martin Winterkorn, Chairman and CEO of Volkswagen. As a group with now ten strong, independent brands we will further expand our unique global position. More than ever before, we now have what it takes to become the automotive industry’s number one.”
According to spokesman Tony Foladpour, Porsche will most likely run autonomously in North America after its integration with Volkswagen AG.
“We have been assured that Porsche will remain Porsche, and this was also mentioned today amidst all the breaking news,” spokesman Tony Foladpour said in an e-mail to Automotive News.
– By: Omar Rana
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