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VOLKSWAGEN TAKES $6 BILLION HIT DUE TO PORSCHE RESTRUCTURING

  • NEWS Desk Global
  • Sep 19
  • 1 min read

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Volkswagen , Europe's largest carmaker, said on Friday it will take a 5.1 billion euro ($6 billion) hit from a far-reaching product overhaul at sportscar division Porsche AG, with slower roll-outs of electric models.

The move comes after Porsche AG, which is 75.4%-owned by Volkswagen, said it would change its product strategy to reflect slower-than-expected growth in the electric vehicle market.

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