Porsche SE Loses $6.6 Billion
By Chris Weiss
GM isn’t the only major car company reporting big losses this week. Porsche is reporting a $6.6 billion loss during the financial year that ended on July 31. Dropping sales, which suffered double digit losses across most models, had a lot to do with this, but the biggest factor was Porsche’s flip-flopped takeover attempt of Volkswagen. The loss was reported by Porsche SE, which is the holding company of Porsche AG, the manufacturing arm. Porsche AG, on the other hand, has stated that it continued its role as the most profitable automaker in the world and enjoyed profits last year. [via Motor Authority]
