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24 Nov 2009

What a difference a year has made for Porsche – impressive profits of €8.6 billion have plummeted to a hefty loss of €4.4 billion in just a year.

Quite an achievement for the makers of such a high margin status symbol – the self-styled “most profitable automobile manufacturer in the world”.

Was it because of the credit crunch, the continuing recession and the global downturn in car sales? Those certainly contributed to the carmaker’s difficulties but the key reason was Porsche’s ultimately unsuccessful attempt to take over fellow German car giant Volkswagen.

Porsche sent shockwaves through the stock market earlier this year when the firm unexpectedly acquired a majority stake in Volkswagen – efforts which led to it being dubbed “a hedge fund with a carmaker attached”.

But then the credit crunch bit and Porsche failed to find the finance necessary to complete its takeover. Perhaps they would have been better off concentrating on making cars instead!

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