Porsche has finally been sold to Volkswagen for a cool 3.3 billion Euro as of yesterday. While we all new it was coming, the official announcement came as the Geneva Motor Show commenced.
Porsche's head office will remain in Salzburg, Germany, and according to Volkswagen, everything will carry on as normal.
VW now owns Porsche's wholesale and retail business, Porsche Informatik, Porsche Bank, Porsche Immobilien and Porsche Versicherung as well as PGA Motors headquartered in Paris.
"The business performance of Porsche Holding Salzburg is outstanding. It is one of the world’s most efficient and profitable automobile trading companies and will therefore significantly strengthen the Volkswagen Groups sales activities," Prof. Dr. Martin Winterkorn, CEO of Volkswagen, said.
Evidence of Porsche's profitability is in the fact that in 2010, 565,000 Porsches were sold, which made 12.78 billion Euro. Per car, and not including retail sales (shirts, jackets, etc) Porsche makes more money percentage-wise than any other marque.