21:33 - 7.08.2026

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August 7, Fineko/abc.az. Porsche SE, the majority shareholder of Volkswagen AG controlled by the Porsche-Piëch family, has called on Europe’s largest automaker to act swiftly in reducing costs and excess production capacity to counter declining competitiveness.

Hans Dieter Pötsch, Chairman of the Supervisory Board of Porsche SE, stated that the Volkswagen Group is at a historic crossroads, offering full backing to management turnaround proposals, including staff layoffs.

Volkswagen aims to scale back its European annual production capacity by 500,000 vehicles and trim overhead expenses by at least $11,6 million. Facing sluggish sales in China and fierce competition from Chinese EV makers like BYD in Europe, Porsche SE is also seeking to reduce its automotive dependence by investing in defense technology and aerospace startups such as Isar Aerospace and Quantum Systems.