VW Pumps the Brakes On Porsche Going Public, Eyeballs Job Cuts

Back in February, there was some buzz that Volkswagen Group was seriously considering spinning off the Porsche brand or at the very least listing it on the stock exchange. While the rumors technically go back further than that, it wasn’t until early 2021 that outlets started citing anonymous sources claiming VW felt it had become too bloated with brands and wanted to shake loose some money whilst streamlining the organization.

Not so, says Volkswagen CEO Herbert Diess. It always seemed suspect that the manufacturer would offload what has consistently become one of its most profitable brands, though an IPO didn’t seem out of the question considering how ridiculously well it has worked for other entities underpinned by hype (valid or otherwise). Diess has indicated that neither scenario looks plausible anymore, stating that VW isn’t all that interested in surrendering any amount of control right now.

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Volkswagen CEO, Chairman, and Former CEO Indicted in Diesel Scandal

Methodical German prosecutors have finally made their way to the top of Volkswagen’s executive ranks, charging CEO Herbert Diess and Chairman Hans Dieter Poetsch with stock market manipulation.

On Tuesday, the prosecutor’s office in Braunschweig indicted Diess, Pötsch, and former CEO Martin Winterkorn, accusing the men of withholding information of a looming emissions scandal from investors. Winterkorn, already indicted by U.S. authorities and slapped with a fraud charge in Germany, stepped down shortly after the scandal broke in September 2015.

Diess vows to stay on as VW’s boss as the charges play out.

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  • Tagbert I had this JX, though mine was a 5-speed in dark green. Got it when I lived in the mountains in Colorado. That was a fun little beast. Not super fast, but it could go just about anywhere. Put it into the low speed on the transfer case and that thing would just creep forward. The interior was not fancy but it held up well to lots of outdoor activities. I could hold lots of gear. Later when I moved away, it still proved useful. I was an unofficial “roadie” for my boyfriend and his band. Could get all their gear into it. The in-town gas mileage was around 25 mph which is pretty good. On the downside, the highway mileage was maybe 26 mph 😊.
  • Skippity I had a 308 in the 80's. Said Matchbox on the bottom.
  • ToolGuy When The Grand Tour covered the Manx way back in 2016, my first thought was "That would make an ideal EV candidate." Range is not an issue, lightweight, torquey, quiet and harmonious with nature (to the end user).Could I be a prophet??
  • BetterOne Not sure where you got your info from, Corey, but in North America the 2020 Cadenza continued on with the direct-injected 3.3L Lambda II V6. Apart from a larger infotainment screen, the 2020 was notably decontented from the prior model, too - no HUD or power rear sunshade, for example.
  • Inside Looking Out It looks rather like Mini than VW. It would be nice to have solar panels on the roof, or make it delta wing.