Who owns Porsche?

Porsche AG is a German automaker headquartered in Stuttgart. It specializes in high-performance sports cars, sedans, and SUVs. In 1931, Ferdinand Porsche, Adolf Rosenberger, and Anton Piech founded the company to offer motor vehicle development work and consulting. In 1939, it developed the Porsche 64.

The automaker introduced the Porsche 356 in 1948 and the world-famous Porsche 911 in 1964. The brand unveiled the 911 Turbo – the first vehicle with onboard computer diagnosis globally. Porsche also produces Boxster, Cayman, Cayenne, Macan, Taycan, and Panamera. In May 2023, Porsche launched the new Porsche 718 Spyder RS. It combines the features of the popular mid-engined Boxster and the high-revving engine from the 911 GT3. [1]

Porsche has been associated with high-performance racecars since its 1947 Grand Prix debut. The 911 is the most recognized and versatile Porsche model, with over twenty versions and seven trim levels. Porsche is one of the auto brands globally.

In Sep 2022, Porsche AG went public via IPO and started trading on the Frankfurt Stock Exchange. Porsche sold its preferred shares at $89.56 each, a price that valued the automaker at $75.2 billion. It was Germany’s second-largest listing. [2]

The IPO unlocked growth opportunities for Porsche AG and attracted private shareholders. The automaker established partnerships with Apple and Mobileye a few months after going public. In Dec 2022, Porsche AG gained fast entry to Germany’s leading DAX stock index. In 2023, Porsche announced plans to develop all-electric versions of its Taycan, Macan, 718, and Cayenne models. The IPO strengthened Porsche’s shareholder structure. But who owns Porsche AG? [3]

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Who is Porsche’s Parent Company?

Porsche AG is jointly owned by Volkswagen AG and Porsche SE. Although Porsche AG and Porsche SE may seem like the same company, they are different businesses. Porsche AG is a sports car manufacturer, while Porsche SE is an investment holding firm created in 2007 by the Porsche and Piech families.

Porsche and Volkswagen operated independently until 2011, when the companies merged. Volkswagen AG owns Porsche, Volkswagen, VW Commercial Vehicles, Audi, Lamborghini, Bentley, Bugatti, ŠKODA, SEAT, CUPRA, and Ducati. The group also offers auto financing, leasing, banking, insurance, and fleet management through the VW Financial Services unit. In Aug 2012, Volkswagen AG became Porsche’s legal parent company. [4]

Porsche SE is a FSE-listed public company led by Hans Dieter Potsch. Its portfolio includes Aeva, PTV Group, and Markforged 3D Printing. In May 2023, the company invested over $100 million to develop eFuels. This investment will help Porsche meet its climate change mitigation goals without converting its 1.4 billion-vehicle global fleet. [5]

Porsche’s Ownership History

Volkswagen and Porsche have been entwined since the 1930s. Porsche received its first order from the German government to design a vehicle for the masses. The company created the Volkswagen Beetle, marking the birth of the Volkswagen brand. Both companies have been expanding their production capacity since the mid-1990s. Porsche delivered 320,221 cars in 2023, a 3% increase from 309,884 deliveries in 2022. [6]

In 1972, Porsche changed its legal form from a limited partnership to a public limited company (Aktiengesellschaft or AG). Porsche AG established an executive board with members outside the Porsche and Piech families. However, the Porsche and Piech dynasty has family members on the supervisory board, including Wolfgang Porsche, Dr. Stefan Piech, Dr. Hans Piech, and Dr. Ferdinand Oliver Porsche.

Wolfgang Porsche is the board chairman of Porsche AG and Porsche SE and a board member at Volkswagen-owned Audi. In May 2023, Wolfgang announced his bid for another term on Volkswagen’s supervisory board. Wolfgang is the grandson of Porsche’s founder and plans to hand over the chairmanship to his nephew, Ferdinand Oliver Porsche, after five years. [7]

Porsche and Volkswagen collaborated on several projects as independent automakers.

In 1969, the companies partnered to develop the VW-Porsche 914, with a Volkswagen engine, and the 914-6, with a Porsche engine. They collaborated again in 1976 to produce the Porsche 912E and 924. In 2002, Porsche introduced the Cayenne, which shares its chassis with the VW Touareg and the Audi Q7. Porsche unveiled a new third-generation Cayenne in Apr 2023 with upgrades to its powertrain, chassis, and interior. [8]

Porsche and Volkswagen AG agreed to merge in 2009 to integrate their auto manufacturing operations. In Dec 2009, Volkswagen acquired 49.9% of Porsche AG for €3.9 billion. The Porsche and Piech families spun off Porsche SE from Porsche AG to separate the company’s investment and car production units.

Volkswagen AG gave 50.76% of its business to Porsche SE for management positions in Porsche SE and Porsche AG ownership. In Jul 2012, VW bought the remaining 50.1% stake in Porsche AG from Porsche SE for around €4.5 billion. Porsche AG became a wholly-owned Volkswagen AG subsidiary, with Porsche SE as VW’s majority shareholder. [9]

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Porsche’s Ownership Structure

Porsche AG’s owners hold 911 million shares, a play on its world-famous 911 model. During the 2022 IPO, Porsche AG’s share capital was split into 455.5 million ordinary shares and 455.5 million preferred shares. Porsche AG was 100% a Volkswagen AG subsidiary before its IPO.

In 2022, Volkswagen AG sold 25% of its stake in Porsche AG plus one ordinary share to Porsche SE as part of the IPO deal. This stake gives Porsche SE a blocking minority in Porsche AG. [10]

Porsche AG has a unique ownership structure. Volkswagen AG and Porsche SE jointly own all its ordinary shares in a 75% minus one share -25 % plus one share split. This figure doesn’t include Porsche AG’s 455.5 million preferred shares. In Sep 2022, Volkswagen AG sold 25% of Porsche AG’s preferred shares, and Porsche SE bought its stake at a 7.5% premium on the market. [11]

The Qatar Investment Authority bought 4.99% of the preferred shares from VW’s 25% allocation. The remaining 20.01% represents 10% of Porsche AG’s share capital. Other investors, including Norges Bank Investment, T. Rowe Price, ADQ, and the wealth funds of Norway and Abu Dhabi acquired this portion. Volkswagen now owns 75% of Porsche AG’s total share capital, Porsche SE holds 12.5%, and the Qatar Investment Fund has 2.5%. The remaining 10% is free-float owned by public and private investors. [12]

Porsche AG’s ownership structure is unique because it spreads beyond the brand to include its co-parent companies – Volkswagen AG and Porsche SE. Porsche SE is Volkswagen AG’s largest shareholder, with majority voting rights, ahead of the VW Group and Qatar. As of Jan 2024, Porsche SE’s owners held 153,125,000 ordinary shares and 153,125,000 non-voting preference shares. [13]

The Porsche and Piech families indirectly own all Porsche SE’s ordinary shares with voting rights. They hold 12.5% of Porsche AG’s share capital under Porsche SE and control its management and operations. Over 50% of Porsche SE’s preference shares are owned by institutional investors, and its free float preference shares are distributed between private investors. In Jun 2023, Porsche SE issued a new bond worth €1.25 billion. The firm will use the funds to partially replace bank financing from acquiring ordinary shares in Porsche AG. [14]

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