BERLIN (Reuters) – Major shareholder of Volkswagen (ETR:) porsche SE (DE:) expects to write off between 7 billion and 20 billion euros ($20.98 billion) on its investment, it said on Friday, in the latest sign of how VW's cost crisis has shaken investor confidence in the manufacturer. of automobiles.
It also expects a deterioration in its investment in luxury carmaker Porsche AG, majority owned by Volkswagen, of up to 2 billion euros, according to analyst expectations for the two companies.
Volkswagen AG (OTC), which is in the midst of tense negotiations with unions over cost cuts at its German operations, was unable to complete its financial planning for the year, forcing Porsche SE to rely on customer expectations. analysts for their forecasts.
The investment vehicle, jointly owned by the Porsche and Piech families, said it expects its group's after-tax result in 2024 to be “significantly negative”, withdrawing its forecast of between €2.4 billion and €4.4 billion.
However, it still expects to distribute a dividend for the financial year, it said.
(1 dollar = 0.9534 euros)
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