Volkswagen takes Porsche stake
08 December 2009
Porsche and Volkswagen have gone one step closer to integration.
The car firm Volkswagen has taken a percentage stake of 49.9 per cent in luxury company Porsche.It is the latest step in the plans to integrate the two businesses, with Porsche Holding Salzburg due to be taken over the year after next.
Buyers and sellers of used Volkswagens may benefit from the brand's subsequent development in the premium market, while Porsche stands to gain business growth from the integration.
Volkswagen said that it would get "a sustained positive effect" from the business deal.
A "comprehensive agreement" was finished between the automobile makers in August and they signed the agreements last month.
Last week, Volkswagen announced its new Up! Lite vehicle, which it says offers advanced economy and efficiency.
Made of light materials such as aluminium and carbonfibre, the four-seater Up! Lite weighs in at 695 kg.
This is nearly 30 per cent less than the Fox model by Volkswagen.
It can also cover 115.7 miles on one gallon of fuel.
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