Volkswagen and Porsche announced yesterday that they have finalized plans for the two to finally become one.
“The path is now finally clear for a bright future together. Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the Group’s product portfolio with fascinating new vehicles,” said Prof. Dr. Martin Winterkorn, Chairman of Volkswagen Aktiengesellschaft’s Board of Management.
Effective Aug. 1, 2012, Volkswagen now owns 100 percent of Porsche.
Volkswagen said that with Porsche the two companies can now implement their joint strategies more quickly and take over the world one country at a time.
“The unique Porsche brand will continue to develop successfully under Volkswagen’s multibrand strategy and proven decentralized management structure. Porsche will retain its own identity and operational independence, just like all of the other Group brands”, said Winterkorn.
– By: Omar Rana