{"id":10139,"date":"2015-11-11T10:09:48","date_gmt":"2015-11-11T10:09:48","guid":{"rendered":"https:\/\/www.bodyshopmag.com\/?p=10139"},"modified":"2015-11-11T10:09:48","modified_gmt":"2015-11-11T10:09:48","slug":"vw-causes-fall-in-porsche-profits","status":"publish","type":"post","link":"https:\/\/www.bodyshopmag.com\/2015\/news\/vw-causes-fall-in-porsche-profits\/","title":{"rendered":"VW causes fall in Porsche profits"},"content":{"rendered":"<p><strong>Profits at Porsche, which owns a controlling stake in Volkswagen, have plunged in the wake of the diesel emissions scandal at VW.<\/strong><\/p>\n<p>Porsche&#8217;s pre-tax profit more than halved to \u20ac1.19bn (\u00a3841m) for the nine months to 30 September.<\/p>\n<p>The luxury carmaker warned last month that profits would be hit by the revelations, which\u00a0affect 11 million vehicles produced by the VW group.<\/p>\n<p>Porsche now expect to make a net profit of between \u20ac800m and \u20ac1.8bn this year, significantly lower than the \u20ac3.03bn profit Porsche posted for 2014.<\/p>\n<p>Porsche owns 30.8% of VW&#8217;s shares. Last month, VW reported its first quarterly loss for at least 15 years after setting aside \u20ac6.7bn to cover the scandal.<\/p>\n<p>The company, which is controlled by the Porsche and Piech families, said that future profit guidance could change depending on the outcome of the investigation.<\/p>\n<p>In a statement the firm said, \u2018As the majority shareholder, Porsche SE is affected by developments at the level of the Volkswagen Group.\u2019<\/p>\n<p>Shares in Porsche\u00a0rose increased 0.6% to \u20ac40.01 in Frankfurt, while\u00a0VW shares\u00a0fell 1% to \u20ac95.51. The value of VW stock has halved in the past three months in the wake of the scandal.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Profits at Porsche, which owns a controlling stake in Volkswagen, have plunged in the wake of the diesel emissions scandal at VW. Porsche&#8217;s pre-tax profit more than halved to \u20ac1.19bn [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":10068,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[1511,2375,2374,2787,767],"class_list":["post-10139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-business-news","tag-diesel-emissions-scandal","tag-dieselgate","tag-porshce","tag-vw"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/posts\/10139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/comments?post=10139"}],"version-history":[{"count":0,"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/posts\/10139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/media\/10068"}],"wp:attachment":[{"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/media?parent=10139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/categories?post=10139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bodyshopmag.com\/wp-json\/wp\/v2\/tags?post=10139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}