Porsche SE: Crisis at Volkswagen and Porsche reduces assets of the owner family

Stuttgart. The owner holding company Porsche SE and thus the Porsche and Piëch families are increasingly feeling the weakness of their holdings in the car companies Volkswagen and Porsche AG. The holding company was in the red in the first nine months.

The net loss was 2.8 billion euros, as the company, which is listed in the German small cap index MDax, announced. A year earlier, Porsche SE reported a profit of 1.2 billion euros.

The reason for the losses is impairments of several billion, primarily in the stake in the car manufacturers Volkswagen and Porsche. Both are currently struggling with difficult market conditions, especially in China and with the upheaval in the automotive industry. In contrast, the value of other investments rose by 134 million euros to 669 million euros.

In the past quarter, Porsche SE invested in the US space company Stoke Space Technologies with an investment volume in the low double-digit million US dollar range.