Porsche AG was founded by Ferdinand Porsche in 1931. Previously a designer for Audi and technical director for Mercedes-Benz, Porsche’s lightweight sportscars have been among the most dominant in racing history.
Porsche has won hundreds of sanctioned races at every level of racing, including some fifteen 24 Hours of Le Mans victories - nearly double their closest rival. It is this nearly unmatched racing pedigree that makes Porsche a sought after marque the world over.
Porsche is also a company steeped in tradition. The 911 is the second oldest sportscar nameplate still in production today, having its inception in 1963. In the 1970s, Porsche ran a stock 911 Carrera RSR in many major races, even against prototype rivals. The 911 proved superior, taking wins at Nürburgring, Daytona, Targa Florio, and Sebring, among others. The 911 was also voted fifth in an international poll for Car of the Century - the highest ranked sportscar on the list.
Porsche had planned to take control of Volkswagen by slowly purchasing stock; aiming for a 75% stake by summer of 2009. Unfortunately for Porsche CEO Wendelin Wiedeking, the global recession lead to Porsche’s stock holdings turning into massive debt. Wiedeking and financial director Holger Haerter resigned in mid July, essentially conceding defeat to VW. Martin Winterkorn, chairman of the Volkswagen group, said that Porsche “Like Audi today… can also continue its independent development under the aegis of Volkswagen and preserve its own identity.”
The good news for Porsche is that although they will be under the VW banner instead of the other way around, the two companies will still work together in the same way initially planned. Both companies have said the merger should be complete by mid 2011.