The auto giant will sell 25 percent of the marque, split equally between voting and nonvoting shares.
. Volkswagen will retain 75 percent ownership of Porsche, but the voting shares will give its heirs a blocking minority, granting them greater control over the company and its board going forward. The Qatar Investment Authority is expected to buy 4.99 percent of the preferred stock, which would make it a cornerstone investor.
If the IPO is successful, nearly half the proceeds would be distributed to Volkswagen shareholders as a special dividend in early 2023. Proceeds will also be used to build more EVs. Volkswagen has previously said it plans to spend $88.4 billion on the development of battery-powered vehicles over the next five years. Its aim is for EVs to make up a quarter of its sales by 2026.. The war in Ukraine and high inflation have wreaked havoc on the global economy in 2022.
It’s hard to imagine that will happen, though. This is Porsche, a company that generated $32.9 billion in revenue last year, that we’re talking about after all.
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