This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/2015/nov/10/porsche-profits-cut-in-half-amid-vw-emissions-scandal

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Porsche profits cut in half amid VW emissions scandal Porsche SE profits down by half in wake of VW emissions scandal
(about 4 hours later)
Porsche profits have more than halved following the revelations in the Volkswagen diesel emissions scandal.Porsche profits have more than halved following the revelations in the Volkswagen diesel emissions scandal.
The luxury carmaker, which is Volkswagen’s majority shareholder, said nine-month net profits plunged to €1.19bn (£847m) from €2.5bn a year ago.The luxury carmaker, which is Volkswagen’s majority shareholder, said nine-month net profits plunged to €1.19bn (£847m) from €2.5bn a year ago.
The company, which holds 52.2% of VW’s common shares, cut its guidance last month after revelations that defeat devices to cheat emissions tests had been fitted to 11m VW vehicles around the world.The company, which holds 52.2% of VW’s common shares, cut its guidance last month after revelations that defeat devices to cheat emissions tests had been fitted to 11m VW vehicles around the world.
Last week the US Environmental Protection Agency, which uncovered the initial emissions rigging, claimed VW had also installed the devices in Porsche vehicles with three-litre engines, in models with dates ranging from 2014 to 2016.Last week the US Environmental Protection Agency, which uncovered the initial emissions rigging, claimed VW had also installed the devices in Porsche vehicles with three-litre engines, in models with dates ranging from 2014 to 2016.
Porsche, which now owns 30.8% of VW’s capital stock, kept its new guidance on Tuesday, forecasting a net profit of between €0.8bn and €1.8bn this year, compared with €3.03bn in 2014.Porsche, which now owns 30.8% of VW’s capital stock, kept its new guidance on Tuesday, forecasting a net profit of between €0.8bn and €1.8bn this year, compared with €3.03bn in 2014.
Related: VW repair bill rises as Germany says 540,000 recalled cars need hardware changesRelated: VW repair bill rises as Germany says 540,000 recalled cars need hardware changes
Porsche shares rose 0.4% to €39.91 as of 9.54am GMT while VW preference shares were down 1.1% at €94.99.Porsche shares rose 0.4% to €39.91 as of 9.54am GMT while VW preference shares were down 1.1% at €94.99.
The firm, controlled by the Porsche and Piech families, has said its forecast requires VW earnings to meet current expectations and could change depending on further findings in the scandal.The firm, controlled by the Porsche and Piech families, has said its forecast requires VW earnings to meet current expectations and could change depending on further findings in the scandal.
Admissions by Europe’s largest carmaker on 3 November that it could face another €2bn of costs from manipulating carbon dioxide emissions of about 800,000 cars could hit Porsche’s results again.Admissions by Europe’s largest carmaker on 3 November that it could face another €2bn of costs from manipulating carbon dioxide emissions of about 800,000 cars could hit Porsche’s results again.
Porsche’s 32-page report includes no new evidence on VW’s investigation of the scandals.Porsche’s 32-page report includes no new evidence on VW’s investigation of the scandals.