PORSCHE
Hermes sticks with plan to raise output even as war sours mood
ermes has opened its 25th leather-goods workshop in picturesque Loupes, France, designed to boost the production of its beloved Kelly and Constance handbags. This announcement comes in the face of fluctuating luxury demand and global tensions related to the Iran war.
Porsche loses speed on a curvy road
Porsche AG's sales dropped significantly in the first quarter. China saw a steep decline in luxury spending, impacting deliveries. Model changes and reduced demand for electric cars in the US also contributed. The company is now reassessing its strategy, planning job cuts and considering new high-end models.
Volkswagen group eyeing 5% market share in India before turn of decade: SAVWIPL MD & CEO
Volkswagen Group aims for a 5 percent market share in India by 2030. Alternative fuel technologies will be crucial for this growth. The company is working on new product interventions for both internal combustion engines and electric vehicles. Investments will focus on product development. The new Taigun SUV is expected to boost sales. Volkswagen plans new product actions each quarter.
Volkswagen India starts production of Taigun model at Pune plant
Volkswagen India has started production of its new Taigun model at its Pune manufacturing plant. This move aims to boost the company's SUV offerings. The Taigun's production highlights India's advanced manufacturing capabilities. The automaker is exporting a significant portion of its Taigun production globally. This reinforces India's importance as a key production and export base for the Volkswagen Group.
Luxury carmakers' gold-leafed Gulf profits are under threat from Iran war
Luxury carmakers face a significant challenge as the Middle East market, vital for high profits, is under threat. Regional conflict has led to temporary showroom closures and a slump in demand. This comes as global demand for luxury vehicles weakens. Automakers are closely monitoring the situation, with some reporting a notable drop in business.
Volkswagen says to cut 50,000 jobs as profit slides
German auto giant Volkswagen will cut 50,000 jobs in Germany by 2030. This move comes as the company faces declining profits and intense competition, especially from Chinese electric vehicle makers. Volkswagen aims to save billions of euros annually. The company is adapting its business model to a changing automotive landscape. This strategic shift is crucial for its future competitiveness.
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Dillon Brooks’ net worth as NBA player faces DUI arrest in Scottsdale
Dillon Brooks, the Houston Rockets forward, is again in the news after reports of a DUI arrest in Scottsdale. Fans are also talking about his NBA salary, net worth, and luxury lifestyle. Brooks has earned millions through contracts with Memphis and Houston while also investing in businesses and buying expensive cars and homes as he builds his financial future.
Quote of the day by James Dean, “Remember: Life is short — break the rules” How Dean’s rebel spirit became a symbol of fearless individuality
Quote of the day by James Dean: James Dean lived only 24 years. He made just 3 films. Yet his estate still earns millions annually, and his name pulls over 1 million Google searches every month. That is the raw power of a life lived without apology. His quote — "Remember: Life is short — break the rules" — is not a call to chaos. It is a call to courage. In a world drowning in fear of judgment, Dean's words cut through noise with surgical precision. He died on September 30, 1955, near Paso Robles, California, at just 24 years old — yet 70 years on, teenagers still kiss his gravestone in Indiana, and Hollywood still hunts for "the next James Dean."
Pune Porsche accident: SC notice to Maharashtra govt on bail plea filed by key accused's father
The Supreme Court has asked the Maharashtra government for its response on a bail plea. This plea is from the father of the minor involved in the 2024 Pune Porsche accident. The accident tragically killed two IT professionals. The court previously granted bail to three other accused in the case. The matter is now scheduled for further hearing.
Volkswagen eyeing 'multi-tech' drive ahead of new emission rules; plans to role out flex-fuel cars
Skoda-led Volkswagen Group is exploring CNG and flex-fuel vehicles. This move aligns with stricter emission rules and future electric vehicle plans. The company is considering these new powertrains as part of its extensive product updates. Regulatory changes are driving this multi-technology approach. The group aims to meet evolving fuel efficiency standards.
Quote of the day by Ferry Porsche: 'I couldn't find the sports car of my dreams, so I built it myself'
Ferry Porsche’s widely known quote, “I couldn't find the sports car of my dreams, so I built it myself,” reflects the mindset that led to the creation of the Porsche 356 in 1948. At a time when the market lacked the kind of lightweight, agile sports car he wanted, he decided to design one himself. The result was the 356 “No 1” Roadster, which laid the foundation for the Porsche brand.
Supreme Court grants bail to accused in 2024 Pune Porsche accident case
The Supreme Court granted bail to Ashpak Basha Makandar in the Pune Porsche accident case. Makandar was accused of facilitating the tampering of medical evidence. He has been in jail for 20 months. Three other accused previously received bail. The court noted Makandar's situation was similar to those already released.
China becomes backdoor hub for Western cars entering Russia amid sanctions over Ukraine war
Tens of thousands of cars are reaching Russia from China. These vehicles bypass Western sanctions and automaker pledges to leave the Russian market. Many are new cars reclassified as used to ease export. This practice allows Russian dealers to source popular foreign brands. Data shows a significant surge in these imports. China has become a key conduit for these vehicles.
US EV slowdown drives $55 billion hit for carmakers
In a turbulent turn of events, major global car manufacturers are grappling with heavy financial losses. Brands like Stellantis, Ford, General Motors, and Volkswagen are reporting billion-dollar writedowns as they reassess their electric vehicle strategies. The factors at play include a sluggish US market, aggressive pricing battles in China, and intricate regulatory demands in Europe.
Porsche mulls cutting electric sports cars to rein in budget
Porsche AG may halt its electric sports car plans. Development delays and rising expenses are key concerns.
Pune Porsche crash case: Supreme Court grants bail to three accused in May 2024 car case
The Supreme Court granted bail to three individuals involved in the 2024 Pune Porsche accident. The court noted parental responsibility in such cases involving juveniles. The accident tragically claimed two lives. The accused sought bail after their initial pleas were rejected. The case involves allegations of blood sample tampering.
Porsche recalls over 3,000 vehicles in Canada across several models over safety issues which can lead to crash; check list of affected models and what you can do if yours is on the list
Porsche is recalling over 3000 vehicles in Canada due to a faulty high-voltage electric heater. This issue can lead to reduced cabin heat and a non-functional windshield defroster, increasing crash risks. Owners will be notified by the automaker to have their vehicles repaired at a dealership, with an interim fix potentially being applied first.
Porsche replaces China boss amid sales slump
Porsche AG is replacing its China CEO, Michael Kirsch, with Alexander Pollich, effective September 1, 2024. Pollich, an experienced sales expert with over 23 years at Porsche, will lead the company’s efforts to address a significant 33% drop in sales in China and enhance local dealer relations and internal processes.
Amid declining luxury car market, Porsche unveils electrifying future plans for India
India's luxury car market has seen a surge in sales, with a 38% increase in June. Porsche is taking advantage of this trend by planning multiple electrified versions of SUVs and sports cars, as well as the introduction of a new SUV. The brand aims to achieve net carbon neutrality by 2030 and expects 80% of its sales to come from battery electric vehicles by then. Porsche is also considering tailoring cars specifically for the Indian market and increasing its car allocation in the country due to growing demand. However, there are no plans for car production in India at the moment.
Porsche to conquer waterways with its $655,000 electric speedboat
The boat will accommodate nine people, who can enjoy a swimming platform, sun lounge, premium sound system and refrigerator while on board. As with the future Macan EV, owners of the Frauscher x Porsche 850 Fantom Air can charge it at DC fast-charging stations or via AC charging.
'Indians like sporty cars & luxury cars; this combination speaks for Porsche brand'
“Last year was extremely good for Porsche India; there was a 64% increase in retail over the last year and the year before was 62%. It told us that there is a lot of potential here and, of course, we think this year will also be a good year for Porsche India.”
Investors switch to Porsche AG shares from Volkswagen on debut day
A Swiss-based equity fund manager said some investors that bought Volkswagen and Porsche Holding to play a potential IPO boom might be unwinding their positions and switching into Porsche AG, which was trading fairly closely to its IPO price.
Porsche forays into pre-owned car segment in India
Porsche India Brand Director Manolito Vujicic said that Porsche Approved programme offers a high level of quality by passing a 111-point check on every pre-owned Porsche. This means that every vehicle should meet the standard of its original condition and thus enhances the value of any model carrying the 'Approved' seal, he added.
Volkswagen, top shareholder strike framework deal for Porsche IPO
In case of an initial public offering, the share capital of Porsche AG would be equally split into preferred and ordinary shares and up to a quarter of the preferred stock would be placed on the market, Volkswagen said, confirming an earlier Reuters story.
Porsche appoints Manolito Vujicic as head of India operations
"His (Vujicic) extensive experience in the retail business and network development will be crucial for the coming years. We have ambitious plans for the market and I am certain that he is the right candidate to lead the local team into the next phase for Porsche in India," Chief Executive Officer of Porsche Middle East and Africa FZE Manfred Braeunl noted.
Porsche puts safety first for any vehicle, says MD Anil Reddi
We always communicate with our customers directly & maintain a close relationship throughout their ownership, which is very important to us at Porsche, says Anil Reddi.
Porsche should be a man & accept defect in Yohan Poonawalla's car, says Raymond Group's Gautam Singhania
Reacting to the problems between Yohan Poonawalla & Porsche, Gautam Singhania says that the auto firm should be prompt in attending to buyers' complaints.
BlackBerry launches Porsche-designed smartphone
Canadian handset maker BlackBerry in association with Porsche Design today launched a new all-touch Porsche Design P'9982 luxury smartphone.
VW reiterates plan to merge with Porsche
Integrating Porsche would help VW achieve economies of scale and provide access to handsome profits from Porsche's operations.
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