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Journalism of Courage
Porsche reported full fiscal-year revenue and unit sales stagnated at its core sports car business amid a softening economic environment, it said on Wednesday, declining to give a forecast for the current year.
Turnover rose 1.3 per cent to 7.46 billion euros ($10.54 billion) in the 2007/08 year that ended in July, while deliveries edged up 1.2 per cent to 98,652 vehicles — both record figures, nonetheless.
“It is difficult in the present economic situation to make reliable predictions about trends in the current fiscal year as a whole,” it said in a statement, pledging to adjust its production to meet a possible slowdown in demand.
“The company expects the next growth spurt when the Panamera is launched in the next fiscal year 2009/10.”
Porsche’s European SE holding company said it will raise its 35.1 per cent voting stake in Volkswagen, the world’s third largest carmaker, to a controlling majority in November.
Plans to keep its future subsidiary on a short leash have been dashed, however, following a recent defeat for Porsche Chief Executive Wendelin Wiedeking and Chairman Wolfgang Porsche during a Volkswagen supervisory board meeting.
Simmering hostilities have since given way to an outright power struggle between Wiedeking and factions within Volkswagen that want to keep Porsche at arm’s length, including Porsche co-owner Ferdinand Piech.
Volkswagen’s powerful labour leaders succeeded in pushing through a boardroom vote that requires Porsche to seek permission every time it plans to cooperate with VW’s premium unit Audi.
Moreover, VW lawyers will also examine whether the carmaker is obliged to allow Porsche to have a deeper look into its books than is otherwise required for its future parent to consolidate its accounting statements in a further signal that Wiedeking’s authority within Volkswagen is waning.
