Porsche’s VW stake now 50+%, US sales down by 24%

Porsche has announced that it achieved its goal to own a majority share in Volkswagen. The company stated today that it had purchased further ordinary Volkswagen shares and thus increased its stake to now 50.76 percent.

In another press release, Porsche reported its 2008 sales results for North America, stating that sales in that region declined by 24 percent compared to the previous year. Both press releases in full length after the jump...

PRESS RELEASES:

Porsche Automobil Holding SE: Holding in Volkswagen to be increased to over 50 per cent

On this Monday, Porsche Automobil Holding SE, Stuttgart, purchased further ordinary shares in Volkswagen AG, Wolfsburg, and will increase its holding to 50.76 per cent of all ordinary voting shares in Volkswagen. As a result of passing the threshold of 50 per cent Porsche will acquire indirect control over Scania AB, Södertälje, and is required by Swedish law to launch a mandatory offer for the truck manufacturer. The Stuttgart-domiciled company is not bound by pre-acquisition prices and is only obliged to offer the minimum price prescribed by law. The minimum price will be calculated on the basis of the volume weighted average stock exchange price of the Scania shares during the 20 trading days prior to publication of the acquisition of the majority in Volkswagen. Porsche points out that it has no strategic interest in Scania and is not interested in acquiring Scania shares.

Porsche Reports Decrease in North American Customer Deliveries in the 2008 Calendar Year

Deliveries 24 per cent below Previous YearStuttgart. Deliveries to customers in North America in the 2008 calendar year by Dr. Ing. h.c. F. Porsche AG, Stuttgart, amounted to a total of 27,717 units. Out of this overall figure, the USA accounted for 26,035 cars, Canada for 1,682. Compared with the previous year with record sales of 36,680 units, this represents a decrease by 24 per cent in terms of volume.

Particularly the 911 and Boxster sports cars were affected by this drop in sales, with customer deliveries decreasing in each case by about one-third. Apart from the US economic crisis, the changeover to new models in both model series was responsible for the decrease in sales. While the new generation of the 911 has been introduced into the market in the meantime, the new Boxster and Cayman mid-engine models are still awaiting introduction in March 2009.

By contrast, the Cayenne model series, down by 11 per cent, remained remarkably strong in the difficult market environment.

The first signs of stabilisation in sales in December 2008 provide good news from the perspective of the Stuttgart-based sports car manufacturer: Sales in the last month of 2008 in North America amounted to 2,249 units, with 2,154 units in the USA and 95 cars in Canada. While this still represents a decrease by 25 per cent compared with the same month a year before, these figures offer reason for hope compared with the far weaker figures in previous months.

Porsche’s best seller in December 2008 was the Cayenne accounting for 917 units sold, representing a decrease by 30 per cent. Customer deliveries of the 911 model series accounted for 645 units, down by 26 per cent. The number of mid-engine Boxster and Cayman sports cars delivered to customers was down by 16 per cent to 687 units, the Cayman and Cayman S accounting for a total of 328 units sold.

[Source: Porsche]