I imagine that there is a fair bit of unhappiness these days.......See below:
The Volkswagen luxury sports car subsidiary Porsche is planning a reshuffle of its board.
The German car manufacturer stated in a mandatory financial market disclosure that the chairman of the supervisory board, Wolfgang Porsche, has been tasked with conducting talks with two board members about an amicable early departure from the board.
According to the announcement, the individuals in question are Lutz Meschke, the deputy chairman of the board and board member for finance and IT, as well as Detlev von Platen, board member for sales and marketing.
No reason for the step was given in the announcement.
Porsche's share price has significantly declined as it struggles, among other things, with weak business in China.
The company sold fewer cars last year than in 2023. Worldwide deliveries fell by 3% to around 310,700 vehicles, while in China there was a sharp 28% fall.
In the first nine months of last year, Porsche generated sales worth €28.56 billion ($29.6 billion), down 5.2% on the same period the year prior. Operating profit collapsed by 26.7% to €4.04 billion.
Reshuffle at board of Porsche,.
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Stormy_Monday
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Normal response to declining sales and lower operating margin. Will be interesting to see how/if Porsche changes it's focus away from China.
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Actually I think China shifted its focus away from Porsche....the country is going through massive EV adoption and producing large numbers of excellent quality cars at lower prices ..annual growth of BYD is over 40%. I do not think VAG has the products relevant for that market.
I suspect that China will become a major exporter to the rest of Asia as the its are tariffed in our markets. China is also developing upmarket cars...usual strategy for market entrants just as Japan and Korea did....go for the bottom end of the market ands get a foothold and then move up the product range.
It will be a challenge for Porsche I suspect, and the changes in the Board are unsurprising.
I suspect that China will become a major exporter to the rest of Asia as the its are tariffed in our markets. China is also developing upmarket cars...usual strategy for market entrants just as Japan and Korea did....go for the bottom end of the market ands get a foothold and then move up the product range.
It will be a challenge for Porsche I suspect, and the changes in the Board are unsurprising.