VW Group's controlling family to get $425M dividend from Porsche SE

 

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The Volkswagen Group's controlling family, the Porsche and Piëch families, are set to receive a dividend payment of $425 million from Porsche SE. Porsche SE, which owns a 31.4% stake in the Volkswagen Group, announced the dividend payment after reporting a net profit of $6.6 billion for the first three quarters of 2021. 

The Porsche and Piëch families have a long history of owning and controlling both Porsche SE and the Volkswagen Group. Ferdinand Porsche, the founder of the Porsche company, was also the designer of the Volkswagen Beetle, and his grandson, Ferdinand Piëch, served as the chairman of the Volkswagen Group from 1993 to 2002. 

However, the Porsche and Piëch families have seen their influence in the Volkswagen Group decline over the years. In 2015, Volkswagen was hit by a scandal involving the manipulation of diesel emissions tests, which resulted in billions of dollars in fines and settlements. The scandal also led to the resignation of several senior executives, including Ferdinand Piëch's cousin, Martin Winterkorn. 

Despite the decline in their influence, the Porsche and Piëch families still hold a significant amount of power in the Volkswagen Group through Porsche SE. The dividend payment of $425 million is just one example of the financial benefits that the families receive through their ownership of Porsche SE. 

In conclusion, the Volkswagen Group's controlling family, the Porsche and Piëch families, are set to receive a dividend payment of $425 million from Porsche SE. Although their influence in the Volkswagen Group has declined in recent years, they still hold a significant amount of power through their ownership of Porsche SE.