Porsche CEO Wendelin Wiedeking criticized the way the current global financial crisis is being handled by both governments and the auto industry. Wiedeking cited lack of responsibility and inefficiency by many companies to be the source of their current quandaries. He also condemns operating for private profit but then socializing losses. Of course, he is referring to the aid package in the U.S., as well as a recent request submitted by European carmakers for similar aid.
Porsche certainly doesn’t seem to be held back by the typical concerns of its peers. With its plan to snatch 50 percent of Volkswagen still going and the upcoming Panamera sedan, Porsche appears quite ready to face the future, economic instability or no.
Our take? If it weren’t for all those blue collar jobs getting axed, we’d agree with Porsche wholeheartedly. However, the American auto industry made major mistakes which brought them to their knees, and for the past few years seems real intent to turn around. And what about the German automakers, who have been doing well (i.e., BMW) and had their own share of mistakes (e.g., Daimler and its merger with Chrysler, Volkswagen's disastrous Phaeton, etc.). We have to wonder how'd Porsche would do if it had to cover all its union's health benefits.
via Motor Authority