PcarBlog | Porsche news and opinion » Company News

Boxster Spyder Revealed

corsa — Sun, 08 Nov 2009 04:53:57 +0000

Porsche has revealed the new Boxster Spyder, the lightest Porsche you can buy.

The Boxster Spyder will be a third standalone model, next to the Boxster and Boxster S. It sheds 176 lbs by removing the top mechanism, using aluminum door skins and lightweight interior door panels from the 911 GT3 RS, brining it down to 2,811 lbs.

Mechanically it ain’t no slouch either, getting an extra 10 hp over the Boxster S (up to 320 hp) as well as an all-new sport suspension that lowers the car 20 mm, a standard limited slip differential, and exclusive wheels. When equipped with the PDK and Sports Chrono Package, the Boxster Spyder will get from 0 to 60 in just 4.6 seconds. Top speed is 166 mph.

Styling changes include a single-piece rear decklid with two Carrera GT-like bulges behind the seats and a fixed rear spoiler. A low-slung lightweight soft top adds to the purposeful sporty looks.

The new Boxster Spyder will be introduced at the L.A. Auto Show next month, and goes on sale in February 2010 with a price of $61,200. Get in line now!

More pics, video, and full press release after the jump.

[source: Porsche via Autoblog]

Porsche’s newest entry will be the lightest in its line-up

ATLANTA – November 5, 2009 – Weighing in at just 2,811 lbs., the new 2011 Porsche Boxster Spyder will be the lightest Porsche available – from a company known for lightweight, proficient sports cars. This new mid-engined roadster represents the true, purist form of the sports car – agile, powerful, open and efficient. This third Boxster model will join the Boxster and Boxster S and will make its world debut at the Los Angeles Auto Show, December 2, 2009.

The newest member of the Boxster family stands out from the other versions of Porsche’s mid-engined roadster. Its low-slung, lightweight soft top – when closed – extends far to the rear to protect the driver and passenger from bright sunshine, wind and weather. This top, when combined with extra-low side windows and two striking bulges on the single-piece rear lid, provides the Boxster Spyder with a sleek silhouette reminiscent of the Carrera GT.

2011 Porsche Boxster Spyder: Light, Powerful, Purist Roadster to be Introduced at Los Angeles Auto Show

The Boxster Spyder features a 3.4-liter six-cylinder engine with Direct Fuel Injection upfront of the rear axle. Maximum output is 320 horsepower (hp), 10 hp more than the Boxster S. The combination of 10 more hp and 176 pounds less weight than the award-winning Boxster S, plus an all-new sport suspension that lowers the Boxster Spyder 20 mm, a lower center of gravity, a standard limited slip differential, and exclusive wheels provides the kind of driving dynamics that back up the unique look. Aluminum door skins and lightweight interior door panels from the 911 GT3 RS contribute to the weight reduction.

When equipped with Porsche-Doppelkupplung (PDK) transmission and the Sports Chrono Package, the new Spyder, using Launch Control, accelerates from a standstill to 60 mph in 4.6 seconds. Top track speed is 166 mph – with the roof open.

Fundamentally, the entire Boxster family is the successor to the legendary 550 Spyder and RS 60 of the Fifties and Sixties, all sharing the same mid-engine roadster concept. Low weight and supreme agility combine to provide outstanding driving pleasure.

In 2004 and 2008 Porsche produced limited editions of the Boxster bearing the additional name Spyder, honoring the 550 and RS 60. In contrast, the new Boxster Spyder is a regular, but specially developed and upgraded production model as compared with the Boxster and Boxster S.

2011 Porsche Boxster Spyder: Light, Powerful, Purist Roadster to be Introduced at Los Angeles Auto Show

The 2011 Boxster Spyder goes on sale February 2010. U.S. pricing is $61,200.

Porsche Offers New Lightweight Components for your GT3 and GT3 RS

corsa — Sun, 08 Nov 2009 03:10:15 +0000

Are you bummed because your 911 GT3 or GT3 RS is too heavy? Don’t worry, Porsche has you covered.

Porsche has just released a new line of lightweight components for retrofitting your 997 GT3 or GT3 RS for style and performance.

Developed by engineers in the Porsche Motorsport Division, you have lots to choose from. Accessories include a new dual-tailpipe made of titanium that reduces the weight of the car at the rear, and features a white-metallic finish that turns blue when exposed to high exhaust temperatures, just like on a race car.

You can also add a carbon fiber spoiler lip and carbon fiber ram air scoops on your rear decklid for another reduction in weight and added style. Carbon fiber mirrors are also available, along with a carbon fiber front air outlet for above the bumper, that features just one middle bar instead of three for a more open structure.

Finally, titanium-colored second-generation 19-inch GT3 wheels feature bolts made of forged aluminum, finished in red eloxy-plating.

Check out more pictures after the jump, and head to your Porsche dealer to pimp out your GT3 or GT3 RS.

[source: Porsche]

Electric Sports Car Coming From Porsche… Someday…

corsa — Wed, 23 Sep 2009 20:25:11 +0000

Porsche’s new President and CEO Michael Macht spoke publicly for the first time at the Frankfurt Auto Show, and he revealed plans about hybrid and all-electric vehicles at Porsche.

Porsche, the inventor of the hybrid, has already talked about the hybrid Cayenne and hybrid Panamera in development. But according to Macht, they are already working on an electric sports car.

“I am also convinced that one day Porsche will have an electric sports car in its line-up,” said Macht at the company’s press conference today. While he cautioned that so far the available battery technology is not “sufficient to meet Porsche’s strict requirements,” he said “our engineers are already working hard on this challenge.”

“An electric sports car would therefore only make sense for Porsche if it offers performance and a cruising range similar to that of current sports cars in the market,” he said. “We are therefore taking the first step in this direction with a full hybrid – in the Cayenne, the Panamera and maybe in the not too distant future also in a racing car or a production 911. Why not?”

So, it seems like it isn’t a matter of “if” but a matter of “when” you’ll be able to cruise around in an electric Porsche.

Full press release after the jump.

[source: Porsche]

Porsche Says It Is Working on Alternative Powered Sports Car

New CEO unveils four new high-powered 911s and hints at future hybrid and electric vehicles at Frankfurt Auto Show

ATLANTA, September 15, 2009 — Speaking publicly for the first time at the Frankfurt Auto Show, Porsche’s new president and CEO, Michael Macht, revealed that Porsche is considering and working hard on an electric-powered sports car that would meet the high demands of the Porsche brand.

“I am also convinced that one day Porsche will have an electric sports car in its line-up,” said Macht at the company’s press conference today. While he cautioned that so far the available battery technology is not “sufficient to meet Porsche’s strict requirements,” he said “our engineers are already working hard on this challenge.”

“An electric sports car would therefore only make sense for Porsche if it offers performance and a cruising range similar to that of current sports cars in the market,” he said. “We are therefore taking the first step in this direction with a full hybrid – in the Cayenne, the Panamera and maybe in the not too distant future also in a racing car or a production 911. Why not?”

Macht pointed out that Porsche has a long legacy with hybrid technology as it was exactly 109 years ago that Professor Ferdinand Porsche built the first fully functioning car with hybrid technology.

Speaking about Porsche’s newest model, Macht said the new Panamera Gran Turismo is already generating thousands of orders just three days after its market launch in Europe.

The highly anticipated Panamera represents Porsche’s fourth model line and is the brand’s first-ever four-door sports car. It goes on sale in the U.S. on October 17, 2009.

“Although the car has only been at the dealership for three days, we already have 4,500 orders for the Panamera, most of them from customers who have not even seen the car yet,” he said Macht. “And since test drives for customers have only just started, sales of the Panamera are already making a very positive start.”

Another highlight of the press conference at Frankfurt was Porsche’s presentation of its new 2010 911 Turbo, the flagship of the venerable 911 range.

“The 911 Turbo is the spearhead in innovation throughout Porsche’s complete range of sports cars. It has been successful in the market for 35 years, accounting throughout this period for almost 80,000 units sold worldwide,” said Macht.

Premiering alongside the venerable Turbo will be a series of asphalt-burning 911s, including the 911 GT3 RS, and its race ready sibling the 911 GT3 Cup car.

Porsche also took the wraps off its limited-edition 911 Sport Classic at the Frankfurt show, marking a return to the tradition of occasionally issuing ultra-exclusive production cars. The Sport Classic will not be offered in the U.S. Production will be strictly limited to 250 units.

New Porsche Head Proposed Three New Models and Says Porsche Will Double Sales

corsa — Wed, 16 Sep 2009 16:25:48 +0000

As of yesterday, September 15, VW CEO Dr. Martin Winterkorn has the helm at Porsche. Even before taking over, he was already talking about future plans at Porsche.

First, he has set a goal to double Porsche sales within four years. Current sales are around 75,000 per year, so the new goal is 150,000 vehicles by 2013.

So how does he plan to do it? He is proposing three new models. The first would be a two-seat roadster slotted below the Boxster, possibly based on the VW Bluesport concept. The second would be a second SUV/crossover that is smaller and slots in below the Cayenne, possibly based on the VW Tiguan. And finally, possibly another version of the Panamera.

Personally, I’m a little worried that Porsche will lose their focus in an effort to double sales.

[source: Autoblog]

Porsche Offices Raided

corsa — Thu, 03 Sep 2009 14:58:41 +0000

This news is a couple of weeks old, but still worth nothing: Porsche’s German offices were raided by prosecutors looking into alleged security laws violations.

The allegations include stock price manipulation and insider trading. The probe is due to Porsche’s failed attempt to gain control of Volkswagen. Former CEO Wendelin Wiedeking and former CFO Holger Haerter are said to be the focus of the investigation.

Porsche has issued a statement denying the allegations, which can be viewed after the jump.

[source: Autoblog]

Suspected Breach of Publicity Duties

The public prosecutor’s office investigates at Porsche

Stuttgart. Stuttgart. Investigative proceedings led by the public prosecutor’s office have been carried out at Porsche Automobil Holding SE and Dr. Ing. h.c. F. Porsche AG, both in Stuttgart. This Thursday morning, officials from the public prosecutor’s office in Stuttgart with judicial search warrants arrived at the administrative headquarters of the companies in Stuttgart-Zuffenhausen. The officials then searched the business premises of the companies, seizing numerous business documents in the process.

According to information provided by the public prosecutor’s office in charge of investigations, there is a suspicion of breaching the publication duty as prescribed by the German Stock Corporation Act and furthermore of market manipulation.

Porsche is rejecting these allegations. The company is cooperating in the efforts of the public prosecutor’s office and is offering investigating officials its full support in order to clarify the issue as quickly as possible.

VW Approves Merger

corsa — Tue, 25 Aug 2009 20:48:10 +0000

Well, it seems it is finally over. After all of the drama, Volkswagen and Porsche have inked a deal that will see VW buying 42 percent of Porsche AG. VW will also purchase Porsche Holding Salzburg.

VW will pay €3.3 billion for the Porsche AG stake and €3.55 billion for the holding company. By the end of 2011, VW and Porsche will merge into a single company.

Supposedly, Porsche will continue to operate (for now at least) as an independent company. Also, rumors are flying around that the legendary Auto Union name will be resurrected for the VW/Porsche parent group.

Full press release from VW after the jump.

[source: Volkswagen via Autoblog]

Volkswagen’s Supervisory Board approves Comprehensive Agreement for an Integrated Automotive Group with Porsche

* Comprehensive agreement reached by the parties: multistage transaction structure, completion expected in the course of 2011

* Volkswagen’s solid financial base and Porsche’s independence will be preserved

* High growth, earnings and synergy potential accompanied by job security

* CEO Winterkorn: Jointly on track to become the worldwide number one

Wolfsburg, 13 August 2009 – At its extraordinary meeting today, Volkswagen Aktiengesellschaft’s Supervisory Board approved the comprehensive agreement to create an integrated automotive group with Porsche led by Volkswagen. A corresponding agreement has been negotiated by Volkswagen AG and Porsche Automobil Holding SE, as well as the Porsche and Piëch family shareholders and the employee representatives of the companies involved. Porsche Automobil Holding SE’s Supervisory Board has also approved the concept for the combination of the two companies. The comprehensive agreement seals the creation of a joint group with ten strong brands.

Under this agreement, Volkswagen will initially take a 42.0 percent stake in Porsche AG by the end of 2009, and it will also see the family shareholders selling the automobile trading business of Porsche Holding Salzburg to Volkswagen. The plans will culminate in the merger of Porsche SE with Volkswagen. This is expected to be completed in the course of 2011, and will require the approval of both companies’ shareholders. Porsche will remain an independent company headquartered in Zuffenhausen. The details for implementing the concept will be finalized in the coming weeks. At the same time, negotiations with the Emirate of Qatar to acquire options on Volkswagen shares will continue, and talks will be initiated with Porsche’s financing banks to discuss the overall concept. Successful completion of these discussions would be a further key step on the way to becoming an integrated group. Implementation of the agreement is also subject to the standard approval by the relevant authorities.

Prof. Dr. Martin Winterkorn, Chairman of Volkswagen Aktiengesellschaft’s Board of Management, stated: “Volkswagen and Porsche today took a decisive step towards a joint future. As a group with now ten strong, independent brands we will further expand our unique global position. More than ever before, we now have what it takes to become the automotive industry’s number one. Volkswagen is systematically continuing its successful multibrand strategy by integrating Porsche. Additional new growth opportunities will emerge for Porsche under the umbrella of the integrated group. Following constructive talks, we have agreed a solution that reflects the interests of all parties. I am convinced that the outcome of this integration will be the best vehicles for our customers, secure jobs and the creation of long-term value for our shareholders.”

The integrated group combines sound strategic logic, an attractive financial proposition and social responsibility

The combination of Volkswagen and Porsche will see the emergence of an integrated automotive group with unit sales of around 6.4 million vehicles and more than 400,000 employees. The key financial figures of the combined company will see a sustained improvement, in particular due to the healthy level of profitability and the expected strong growth of the Porsche vehicle range.

The creation of this integrated group with ten strong brands led by Volkswagen follows a compelling industrial logic: the integration of Porsche AG and the automobile trading business of Porsche Holding Salzburg will allow Volkswagen to further extend its position as the world’s leading multibrand group. The integrated group will hold a leading position in terms of global market presence, segment coverage, technology and innovation, global purchasing power and manufacturing base. It offers attractive growth prospects thanks to its superior modular systems, solid financial position, effective management and excellent employees.

Porsche’s outstanding technical expertise and its unique legend will enhance the value of Volkswagen’s brand family. The product ranges are highly complementary, and adding Porsche will enable a significant expansion of the integrated group’s position in the premium segment. With the addition of the development center Weissach, the group’s innovation leadership will be further enhanced. Additionally, the integration of Porsche Holding Salzburg’s highly profitable automobile trading business will considerably strengthen the Volkswagen Group’s distribution activities. Porsche Holding Salzburg has a footprint in 13 Eastern European and five Western European countries, as well as in China, and its pronounced retail expertise already makes it a key partner today for Volkswagen’s market success.

Porsche’s independence in the integrated group will be safeguarded, in line with Volkswagen’s proven decentralized management model. As is the case today with Audi and other successful group brands, Porsche will retain its identity, while at the same time benefiting from its membership of the integrated group. Under the comprehensive agreement, Porsche will be an independent company headquartered in Zuffenhausen, retaining its independent structures. Additionally, Porsche AG’s employee representatives will be able to participate in the elections to Volkswagen AG’s Supervisory Board following the merger.

Volkswagen’s proven management model will enable all potential synergies to be realized quickly. In the long term, this will increase annual operating profit in the group by a total of around EUR 700 million.

With new, additional models, unit sales of Porsche vehicles will increase substantially. CEO Winterkorn: “We want to write a new chapter in a history of sustainable growth. This will help us safeguard high-quality jobs in Germany for the long term and create new ones.”

Transaction structure: a fair price and solid financing

Under the comprehensive agreement, the combination of Volkswagen and Porsche to form an integrated group with ten strong brands under a common group-wide leadership will be achieved in several stages, and is expected to be completed in the course of 2011. Commenting on the overall concept that has been agreed, Hans Dieter Pötsch, Volkswagen Aktiengesellschaft’s CFO, said: “It combines the greatest possible degree of certainty that the transaction will run smoothly with the creation of a stable ownership structure, a fair price and very solid financing. It also reflects the interests of all parties and safeguards Volkswagen’s solid financial position and strong rating.”

In the first step, Porsche Automobil Holding SE plans to sell most of its options on Volkswagen shares to Qatar. Successful completion of these talks, which are already at an advanced stage, would be a key step on the way to becoming an integrated automotive group. Exercising the options would result in Qatar becoming Volkswagen’s third anchor shareholder.

At the same time, Porsche will seek the support of its lending banks for the overall concept that has now been agreed to further safeguard its financial stability, and will negotiate a new financing structure with them.

Provided that these talks are successful, and if Qatar acquires the portfolio of options, Volkswagen will then take a 42.0 percent stake in Porsche AG by the end of 2009. Based on the comprehensive due diligence and valuation process that has been performed a value of EUR 12.4 billion has been determined for the company as a whole, including the expected synergy effects. On this basis, and after factoring in Porsche’s debt, Volkswagen is expected to pay approximately up to EUR 3.3 billion for the 42.0 percent stake.

To finance its investment in Porsche AG and safeguard its rating, Volkswagen is planning a capital increase in the first six months of 2010 by issuing new preferred shares. The Supervisory Board will address the issue and resolve the details in the near future. Such a capital increase requires the approval of the shareholders, which is expected to be obtained at an Extraordinary General Meeting by the end of this year.

Another component of the overall concept is that the family shareholders will sell to Volkswagen the operating business of the separately owned Porsche Holding Salzburg. An enterprise value of EUR 3.55 billion has been determined for Europe’s largest automobile trade company, with unit sales of most recently 474,000 vehicles. The trading business can be sold starting in 2011. In this case too, however, Porsche Holding Salzburg will retain its current structure and responsibilities as an organizational unit, and family members will remain represented in the company’s governing bodies.

The family shareholders will use the bulk of the proceeds from the sale of the trading business of Porsche Holding Salzburg to increase the ordinary share capital of Porsche SE. This capital increase is designed to further improve Porsche SE’s financial situation and will happen before the intended merger with Volkswagen. The increase in the ordinary share capital will be accompanied by the issuance of new Porsche SE preferred shares.

Following this, a financially stable Porsche SE will be merged with Volkswagen – the final step in the combination of the two companies. The merger requires the approval of the general meetings of both companies. Completion is expected in the course of 2011.

The precise shareholder interests following a merger are not yet final and depend on the volume of any capital increases, the cash flow and liquidity or debt situation of the two companies, and on the merger ratio for Volkswagen and Porsche SE established at the time of the merger. However, the Porsche and Piëch family shareholders will remain the largest shareholders at Volkswagen, and the State of Lower Saxony will continue to be the second-largest shareholder in the Volkswagen Group in the future.

According to the comprehensive agreement, the status of Lower Saxony will in future be explicitly anchored in Volkswagen’s articles of association. It is envisaged that Lower Saxony will be entitled to appoint two members of the Supervisory Board. The existing blocking minority rule will be reaffirmed – at Volkswagen, key decisions by the Annual General Meeting require a qualified majority of more than 80 percent of the share capital represented at the AGM.

There are also plans to offer a substantial investment opportunity to the worldwide employees of the integrated automotive group. The employee participation model will be implemented via an employee foundation to be established by the group works councils of Volkswagen AG and Porsche AG.

Wiedeking is Out!

corsa — Fri, 24 Jul 2009 16:23:18 +0000

In the last weeks Wiedeking and Härter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on board as acting persons.

And with that, and after a reported all-night meeting, Porsche CEO Wendelin Wiedeking and CFO Holger Härter are no longer with Porsche. Now, production chief Michael Macht will lead the company as CEO. Macht has been with Porsche almost 20 years, and was directly involved in the development of the Cayenne and Panamera.

But don’t feel bad for Wiedeking — he will be receiving a severance package of about $71 million. In a pretty cool move, he has already pledged about half of that money to charity.

Press releases from Porsche after the jump.

[source: Porsche]

Wiedeking and Haerter are leaving company

Macht appointed Chairman of the Board of Management for Porsche AG, Edig his deputy – both also Members of the Board of Management of Porsche SE

Stuttgart. Today the Supervisory Board of Porsche Automobil Holding SE, Stuttgart, together with Dr. Wendelin Wiedeking and Holger P. Haerter agreed upon their dismissal. Both Members of the Board of Management will leave Porsche SE and Dr. Ing. h.c. F. Porsche AG with immediate effect, but will provide advice to both companies (make themselves available for serving both companies as consultants) as wished by the Supervisory board. Both resign from their respective seats at the Supervisory Board of Volkswagen AG and Audi AG.

In the last weeks Wiedeking and Haerter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on board as acting persons. They both see that step as a significant contribution to the appeasement of the situation and to support the forming of an integrated car manufacturing company. Both gentlemen will accompany the handover at the Board of Management level positively and support their respective successor in their tasks.

Wendelin Wiedeking in his functions as CEO Porsche AG will be followed by Michael Macht, currently Board member of Porsche AG in charge of Production and Logistics. Thomas Edig, Board member in charge of Human Resources of Porsche AG will become his deputy. Furthermore Macht and Edig have been appointed as Members of the Board of Management of Porsche SE, Macht in charge of technology and products, Edig with responsibility for commercial issues and administration.

The Supervisory Board expressed its thanks to both Board members resigning from office for their long lasting work. The Board has offered Dr. Wiedeking a compensation for the termination of his contract, originally maturing 2012, of Euros 50 million. Wiedeking accepted this proposal as well as Holger P. Haerter, who was offered a compensation of Euros 12.5 million. Both Wiedeking and Haerter waived rights deriving from their current contracts in a substantial amount.

Dr. Wiedeking was appointed CEO of Porsche AG on October 1 1992. After successfully turning around the company he managed to make the Stuttgart based manufacturer of sporty luxury cars the most profitable car company in the world. In September 2005 Porsche made public a 20 percent stake in common shares of Volkswagen AG. As a consequence Wiedeking joined the VW Supervisory Board in January 2006. After the forming of Porsche Automobil Holding SE in November 2007 he also took over the position of Chairman of the Board of Management in this Holding company that alongside 100 percent in Porsche AG today also owns 50.76 in VW AG.

Holger P. Haerter joined the Stuttgart based company in 1996 as Member of the Board of Management in charge of Financing and Accounting as well as Sourcing. Similar to Wiedeking he sits on the Supervisory Board of Volkswagen AG. In November 2007 he was appointed member of the Board of Management in charge of Finance of Porsche SE and Deputy Chairman of the Board of Management by the Supervisory Board.

Michael Macht, born in Stuttgart in 1960, studied Mechanical Engineering at Stuttgart University and was scientist at Fraunhofer Institute for Industrial Engineering IAO, before he started his career at Porsche AG in 1990, becoming specialist for engine planning. After serving as Director’s Assistant with respect to production and materials management, concept and the organization of the PVP Porsche improvement process, he became Chairman’s Aisstant, developing and implementing the so called P.O.L.E. program, short for process optimization through supplier integration. In 1994 he was promoted to Managing Director of the freshly founded Porsche Consulting GmbH and in 1998 became Member of the Board of Management in charge of Production and Logistics of Porsche AG. His work is centered around increasing efficience in production. Macht was in charge of the building and start of operation for the Leipzig factory as well as the wramp up of the model lines Cayenne and Panamera.

Thomas Edig was born 1961 in Stuttgart. After graduating in Business Administration from the University of Cooperative Education in Karlsruhe in 1986, he was employed at Alcatel SEL AG in Stuttgart. Following a number of promotions, he became member of the Board and HR Director in 1998, before being appointed to the Executive Board of Alcatel in Paris in 2002. After an intermezzo at Deutsche Telekom AG in Bonn in 2006 he was employed at Porsche AG. In May 2007 he has been appointed a Member of the Board responsible for Human Resources and Labor Relations Director.

=================

Statement of Dr. Wendelin Wiedeking

Stuttgart. Personal reasons but also my responsibility towards society have led to my decision to donate a material amount of money for social purposes.

As a sign of my outstanding relation with longterm members of staff and companions I aim to establish a charitable organisation in Stuttgart-Zuffenhausen where the headquarter of Porsche AG is located. With the support of the Porsche union representatives the trust shall be equipped with liquid funds of Euros 25 million and supports/aim at ensuring a socially fair development at all Porsche sites.

Furthermore I will donate to the social fund of Landespresse Baden-Württemberg e.V., the trust of Hamburger Presse and the society of the Verein Kollegenhilfe niedersächsischer Journalisten e.V. a lump sum of euros 500.000 each. According to the goals of the organisations outlined in their respective articles of association the donations should serve as a support for elderly and suffering journalists.

Over and above this I will invest in projects, targeting at creating jobs in Germany. I do pay my taxes in Germany with roughly half of my income being transferred to the state.

The foundation in Zuffenhausen shall complement my two existing charitable trusts in Beckum/Westfalia and Bietigheim-Bissingen, together equipped with a cash donation of Euros ten million.

Porsche Financial Update

corsa — Wed, 15 Jul 2009 21:51:02 +0000

The financial news about Porsche has turned into a soap opera. After being the most profitable automaker on the planet and almost swallowing up the much-larger Volkswagen, Porsche is now trying to figure out how to survive and manage its huge debt.

Word comes now that the rumored deal with the Sheik of Qatar is almost a done deal. The rumored deal will see the Sheik getting 20 percent of Porsche Holding SE for €7b with an option to buy 20 percent of Volkswagen. This would have the effect of nearly wiping out Porsche’s debt, but prevent Porsche from getting any more of Volkswagen.

To add to the rumors, Porsche is supposedly having a high-level meeting on July 23rd to decide whether to approve this deal, or to possible sell 49 percent of Porsche AG to Volkswagen. Apparently, VW is offering “substantially more than €4b” for 49.9 percent of Porsche AG, and the overall deal would bring another €1b more to Porsche than the Sheik’s deal for Porsche SE.

Confused? Well, hang in there, we should know more after the 23rd of July…

[source: The Truth About Cars]

Porsche Celebrates 75th Anniversary of the Volkswagen

corsa — Tue, 07 Jul 2009 02:20:12 +0000

On June 22, 1934, Dr. Ing. h. c. F. Porsche GmbH, Konstruktionen und Beratung für Motoren- und Fahrzeugbau (what is now known as Dr. Ing. h. c. F. Porsche AG, Stuttgart) was given the go-ahead by the Association of the German Reich of the Automotive Industry to build the Volkswagen.

Ferdinand Porsche developed the concept of the “People’s Car” in 1933 and presented it in 1934. After five months of consideration, the Volkswagen was a go. Over the next several years, Porsche produced several prototypes and variants of his design, and in 1945, regular production of the civilian Volkswagen began.

Porsche is commemorating this anniversary with a special exhibition at the Porsche Museum from June 22nd through July 31st. Among the items on exhibit will be a rare pre-war prototype of the Volkswagen, used by Professor Porsche as a personal car, and a rare VW Beetle diesel prototype built in the early 50s.

[source: Porsche]

Porsche Wins “Best New Engine of the Year” for 2009

corsa — Thu, 18 Jun 2009 02:10:19 +0000

Porsche has announced its 3.8-liter 911 Carrera S engine has won the 2009 “Best New Engine of the Year” award in the International Engine of the Year Awards.

The power combined with the efficiency and drivability of the direct fuel injected engine helped earn the award. The current engine, combined with the PDK transmission, produces 385 hp while maintaining a 23 mpg average fuel economy.

The new engine is 8.5% more powerful and 13% more fuel efficient than the previous 911 Carrera S engine. And CO2 emissions are down 15%.

So, if you want to drive the Best New Engine of 2009, head to your Porsche dealer and grab yourself a brand new Carrera S.

Full press release after the jump.

[source: Porsche]

Porsche wins “Best New Engine 2009 Award”

Distinction for more powerful and fuel-efficient flat-six engines

Stuttgart. Once again Dr. Ing. h.c. F. Porsche AG, Stuttgart, has been successful in the International Engine of the Year Awards. With its 3.8-litre power unit from the 911 Carrera S models, the sports car manufacturer has underpinned its position in a fie of high performance competitors, receiving the coveted “Best New Engine 2009 Award”. For eleven years now, this prize has been awarded by the British specialist journal “Engine Technology International” for outstanding engine characteristics.

With the new flat-six engines featuring direct fuel injection Porsche is raising the sportiness, efficiency and environmental compatibility of the 911 to an even higher level than before. The Carrera S for the first time also comes with Porsche’s new double-clutch transmission (PDK). And despite an increase in power by 8.5 per cent, the PDK models reduce fuel consumption by more than 13 per cent and CO2 emissions by almost 15 percent.

Output of the 3.8-litre power unit in the S-models is up by 30 to 385 bhp (283 kW), pushing the extra-powerful S-version beyond the magic speed barrier of 300 km/h or 186 mph. Despite this supreme power and performance, the new models in the 911 range once again boast a significant reduction of fuel consumption, the 911 Carrera S Coupé with the PDK version offering even greater fuel economy with average fuel consumption of just 10.2 litres/100 km (combined overall fuel consumption to the EU5 standard).