Porsche was the first Super Car.
Porsche SE or Porsche (German, pronounced [ˈpɔɹʃə]) is a German manufacturer of automobiles, which is majority-owned by the Porsche and Piëch families. Porsche SE holds two chief assets, the first of which is Dr. Ing. h.c. F. Porsche AG, often shortened to Porsche AG, manufacturer of the Porsche automobile line. The second asset is a large stake in Volkswagen AG.
 | |
| Type | Public (Xetra: PAH3) (FWB: PAH3) |
|---|---|
| Founded | 1931: by Ferdinand Porsche and Ferry Porsche |
| Headquarters |  Stuttgart, Germany |
| Key people | Dr. Wendelin Wiedeking, CEO and President |
| Products | Automobiles |
| Revenue | €7.273 billion (2006) |
| Employees | 11,910 |
| Website | porsche.com |
It was founded in 1931 by Ferdinand Porsche, an Austro-Hungarian engineer, born in Maffersdorf, Austria-Hungary (today Vratislavice, Czech Republic) who also designed the first Volkswagen. The company is headquartered in Zuffenhausen, a city district of Stuttgart, Baden-Württemberg. They currently produce 911 (997), Boxster, and Cayman sports cars and Cayenne sport utility vehicles. Porsche also makes a brand of mountain and hybrid bikes called Carrera.
Dr. Wendelin Wiedeking (August 28, 1952 in Ahlen, Germany) is (since 1991) member of the executive committee, (since 1992) the executive committee speaker, and (since 1993) the CEO of Porsche AG. In addition he is (since January 28, 2006) member in the supervisory board of Volkswagen and president of Porsche.
Hitler and Professor Ferdinand Porsche initially started the company called "Dr. ing. h. c. F. Porsche GmbH" in 1931, with main offices at Königstrasse in the center of Stuttgart. The company offered motor vehicle development work and consulting, and did not initially build any cars under its own name. One of the first assignments the new company received was from the German government to design a car for the people, a "Volkswagen" in German. This resulted in the Volkswagen Beetle, one of the most successful car designs of all time. The first Porsche, the Porsche 64, was developed in 1939 using many components from the Beetle.
During World War II Volkswagen production turned to the military version of the Volkswagen Beetle, the Kübelwagen, 52,000 produced, and Schwimmwagen, 14,000 produced. During a contract bid for a new tank Porsche lost to Henschel & Son who subsequently produced the Tiger I. Porsche assisted in the designing of the Tiger tank series and the Elefant tank.
Relationship with Volkswagen
The company has always had a close relationship with Volkswagen Group because the first Volkswagen Beetle was designed by Ferdinand Porsche. The two companies collaborated in 1969 to make the VW-Porsche 914 and 914-6, whereby the 914-6 had a Porsche engine, and the 914 had a Volkswagen engine, in 1976 with the Porsche 912E (USA only) and the Porsche 924, which used many Audi components and was built at Audi's Neckarsulm factory. Most Porsche 944s also were built there although they used far fewer VW components. The Cayenne, introduced in 2002, shares its entire chassis with Volkswagen Touareg, which is built at the factory in Bratislava. Audi is a wholly owned subsidiary of Volkswagen. In late 2005, Porsche took an 18.65% stake in the Volkswagen Group, further cementing their relationship, and preventing a takeover of Volkswagen, which was rumored at the time. Speculated suitors included DaimlerChrysler AG, BMW, and Renault.
On 26 March 2007, Porsche took its holding of Volkswagen shares to 30.9%, triggering a takeover bid under German law. Porsche then formally announced in a press statement that it did not intend to take over Volkswagen (it would set its offer price at the lowest possible legal value), but intended the move to avoid a competitor taking a large stake or to stop hedge funds dismantling VW, which is Porsche's most important partner.[6] Porsche's move comes after the European Union moved against a German law that protected VW from takeovers. Under the so-called "Volkswagen Law", any shareholder with more than 20% of the voting rights has veto power over any corporate decision in the annual general meeting - in effect, any shareholder in VW cannot exercise more than 20% of the firm's voting rights, regardless of their level of stock holding. Hovewer, the European Court of Justice ruled against the law, potentially paving the way for a takeover.[7]
In 16 September 2008 Porsche increased its shares in another 4,89%,[8] in effect taking control of the company, with more than 35% of the voting rights. It again triggered a takeover bid, but this time over Audi. Porsche dismissed the bid as a mere formality, since its Porsche intention to keep the corporate structure of the Volkswagen Group.
There has been some tension and anxiety amongst the Volkswagen workers, who fear that a Porsche takeover might signify a hardened production efficiency control, rejection of demands for payment rises or even personnel cuts
