Another big auto industry write down

A couple weeks ago, GM wrote down it’s Chinese ops by $5B

Now, Porsche SE, the holding company for the Porsche family fortune, is about to write down it’s holdings in VW AG. Porsche holds 31.9% of the VAG stock, and 53.3% of the vote.

At Friday’s close, Porsche SE’s stake in VAG was worth 14.3B Euros. The write-off is expected to be between 7B and 20B, so somewhere between a 50% haircut, to total write off of VAG.

https://www.reuters.com/business/autos-transportation/vw-top-shareholder-porsche-se-sees-impairment-investment-up-20-bln-euros-2024-12-13/

2 Likes