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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  • Marty The problem isn't range; it's lack of electricity in multi-unit building parking. All you need is level 1 - a standard 120v wall socket - and if you're plugged in 10 hours overnight you get 280 miles per week or more. That's enough for most folks but you can use public charging to supplement when needed. Installing conduit circuits and outlets is simple and cheap; no charge stations needed.
  • 2manyvettes Tadge was at the Corvette Corral at the Rolex 24 hour sports car race at the end of January 2023. During the Q&A after his remarks someone stood up and told him "I will never buy an electric Corvette." His response? "I will never sell you an electric Corvette." Take that Fwiw.
  • Socrates77 They're pinching pennies for the investors like always, greed has turned GM into a joke of an old corporate American greed.
  • Analoggrotto looking at this takes me right back to the year when “CD-ROM” first entered public lexicon