Volkswagen shares at a low
Wolfgang Porsche is pushing for savings at VW
9/4/2023 8:24 p.m
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Volkswagen shares are currently at their lowest level since the beginning of April 2020. According to Wolfgang Porsche, this is not due to the dominance of the family shareholders. Instead, you have to start elsewhere.
The family shareholders do not see their dominance as Volkswagen’s largest shareholder as the reason for the low stock market valuation. “The major shareholders are certainly not the reason for the poor rating of the share,” said Wolfgang Porsche, chairman of the supervisory board of VW’s main shareholder Porsche SE at the IAA Mobility in Munich. Volkswagen shares are currently at their lowest since early April 2020.
The 80-year-old, who also sits on the Volkswagen supervisory board, called on the Wolfsburg-based car company to make savings. “We need to get a better handle on performance and costs.” VW must become more competitive. “Everything has to be thought about.” With a view to its competitors, the group cannot assume that it will be able to avoid making savings.
“Stop hearing any mushrooms grow”
Porsche went on to say that he sees the group as a whole on the right track. He doesn’t worry about the dual role of CEO Oliver Blume, who also manages the sports car manufacturer Porsche AG, which is also listed on the stock exchange. Blume is doing well. He advised the media not to keep pointing fingers at weak points, but to keep an eye on the big picture: “Stop hearing any mushrooms growing.”
Wolfgang Porsche and Hans Michel Piech are spokespersons for the two families that pull the strings through Porsche SE. The unclear succession of the two heads of the family is considered one of several reasons why the Volkswagen share is considered undervalued on the stock exchange.
Porsche said that if something happened to him, Ferdinand Oliver Porsche would be there. He already sits on several important supervisory boards of the Volkswagen-Porsche empire. “There’s no problem for me. I certainly won’t do it forever,” said Wolfgang Porsche, who was recently re-elected to the VW supervisory board for another term.
Ferdinand Oliver Porsche is the great-grandson of progenitor Ferdinand Porsche, who has been developed as a potential successor in recent years. The 62-year-old sits on the supervisory boards of Porsche SE, Volkswagen, Audi, Porsche AG and Porsche Holding in Salzburg, Europe’s largest car dealership. This puts him very close to the levers of power. The Porsche and Piech families hold a majority stake in Volkswagen through Porsche Automobil Holding SE (Porsche SE).