Volkswagen purchases Porsche Holding
Volkswagen purchases Porsche Holding
Volkswagen purchases Porsche Holding
Volkswagen, the German car giant has taken another move and is amalgamating with Porsche, the premium luxury car owners. With the reports coming from Volkswagen stable, it was confirmed on Wednesday that, the German auto marker VW, will purchase the Europe based Porsche Holding. The company officials added that, the present owners, Piech and Porsche are willing to be a part of the German auto manufacturer Volkswagen. As per the reports, the auto giants on Wednesday, gave their nod to sell its Austria-based stake for 3.3 billion euros ($4.5 billion). Volkswagen, will take the ownership of the premium Cars marker by 2010 during end of September. The plan to take over the luxury car by Volkswagen Group has been going on since last year. Porsche Holding is a private group, the biggest in Europe selling technologically advanced vehicles. The company sold as many as 421,000 cars in the business year 2009-10 which has fetched them a revenue of 12.2 billion euros. In 2009, Volkswagen, purchased almost half of the Porsche's business of sports car but is still waiting to solve the scrambled shares to make uniformity and clarity in the deal. Porsche has been marketing cars of Volkswagen in South-Eastern Europe, Western Europe and China. Well Volkswagen, is also planning to expand in various car segments. Though not official, but it is being speculated that the German Manufacturer is planning to make electric cars and hopes to sell them in the Chinese market. By doing so, Volkswagen will be another car maker in the league to develop the electric or hybrid cars in the go green campaign which other auto makers are following. As per the speculations, from 2014 to 2018, the German car maker Volkswagen wants to sell ten thousand new era electric cars in China. As per the research, different auto giants will play with the best of cars which are technologically advanced as well as offer excellent fuel efficiency. China is a growing market which has been proved as it has overcome the domination of the US market. The Chinese market has also been attracting automobile manufacturers and buyers to invest in green cars.
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