Porsche Automobil Holding reported a decline in profit on Wednesday, citing a "challenging market."
Porsche Automobil profit falls
The Stuttgart-based holding company announced that its net profit for the first nine months of 2024 dropped by 34% year-on-year, falling to €2.51 billion from €3.80 billion in the same period last year.
The company's investment income also fell by 29%, from €3.82 billion to €2.73 billion.
Porsche Automobil’s primary investment is its stake in carmaker Volkswagen AG, in which it owns 53% of shares and just under 32% of the subscribed capital.
Hit by Volkswagen slowdown
“In the first nine months of 2024, global sales of Volkswagen Group passenger cars and light commercial vehicles were slightly lower than the previous year, totaling 6.3 million units,” Porsche Automobil said.
In addition to its stake in Volkswagen, Porsche also holds investments in electric vehicle charging solutions provider ABB E-mobility and long-distance travel provider Flix. More recently, it announced its backing of drone manufacturer Quantum Systems GmbH in September.
