Volkswagen AG owns the majority of Porsche AG, the sports-car maker, and Porsche SE holds the other 25% plus one share of its voting ordinary shares. Porsche SE’s own ordinary shares are held, indirectly, exclusively by members of the Porsche and PiΓ«ch families, and Porsche SE held 53.3% of the voting rights in Volkswagen AG at 31 December 2025. So the families control Volkswagen, which owns most of Porsche AG, and also hold a direct blocking stake in it.
Porsche AG has 911,000,000 shares: 455,500,000 unlisted ordinary shares that carry the votes and 455,500,000 listed non-voting preference shares.
02
Only two voting holders
As far as Porsche AG is aware, its ordinary shares are held indirectly by Volkswagen AG and Porsche SE. Volkswagen holds through Porsche Holding Stuttgart GmbH; Porsche SE owns 25% plus one share.
03
Outside investors get economics, not votes
The majority of the preference shares are, as far as is known, held indirectly by Volkswagen AG. The rest are spread among institutional and private investors.
04
The families at the top
Porsche SE's 153,125,000 ordinary shares are held indirectly and exclusively by members of the Porsche and PiΓ«ch families. Its preference shares are listed and carry no vote.
What changed in 2025-26
A dedicated CEO again
Porsche AG’s supervisory board appointed Michael Leiters as CEO from 1 January 2026. Oliver Blume, who led Porsche AG as CEO for ten years, continues as CEO of the Volkswagen Group. Leiters was previously CEO of McLaren Automotive and CTO at Ferrari.
Volkswagen's voting map, end of 2025
At 31 December 2025, Porsche SE held 53.3% of Volkswagen AG’s voting rights, the State of Lower Saxony 20.0% and Qatar Holding LLC 17.0%, with 9.7% in free float (Volkswagen Annual Report 2025).
The family holding bets on AI
Beyond Volkswagen and Porsche AG, Porsche SE lists portfolio stakes in technology companies. They include Waabi, which develops generative AI for self-driving trucks and robotaxis trained in its own simulator, and Celestial AI, an optical-interconnect maker for AI computing that Porsche SE marks as acquired by Marvell Technology.
A small team controlling a giant
Porsche SE employed just under 50 people at 31 December 2025, yet as an anchor investor it holds the majority of Volkswagen’s ordinary shares and a blocking stake in Porsche AG.
Who holds what
Porsche and PiΓ«ch families
StakeAll Porsche SE ordinary shares, indirectly
Source and datePorsche SE, 31 Dec 2025
Porsche SE
Stake53.3% of Volkswagen AG votes; 25% + 1 share of Porsche AG ordinary shares
Source and dateVW Annual Report 2025; Porsche SE
Volkswagen AG
StakeRemaining Porsche AG ordinary shares and most preference shares
Source and datePorsche AG IR, 31 Dec 2025
State of Lower Saxony
Stake20.0% of Volkswagen AG votes
Source and dateVW Annual Report 2025
Qatar Holding LLC
Stake17.0% of Volkswagen AG votes
Source and dateVW Annual Report 2025
What it means for you
Investors: a Porsche AG preference share buys a claim on profits, not a say in strategy; the votes sit with Volkswagen and Porsche SE.
Check which Porsche you mean: Porsche AG (ticker P911) builds cars, Porsche SE (PAH3) is the families' holding company.
Read Porsche AG's strategy as Volkswagen's and the families' strategy; outsiders cannot take control without them.
Watch Porsche SE's portfolio for where the families place bets on autonomy and AI hardware.
Use dated figures: stakes here are as of 31 December 2025 and move with any share sale.
The Business Engineer lens
Porsche’s ownership separates money from control: public investors fund the business through non-voting shares while a family holding keeps the votes. The Business Engineer reads Porsche SE as the real strategic actor, deciding both the car group’s direction and which AI and autonomy bets the family capital backs.
Yes. Volkswagen AG holds the majority of Porsche AG: the voting ordinary shares not held by Porsche SE and, as far as Porsche AG knows, most of the listed preference shares (Porsche AG, 31 December 2025).
Who owns Porsche SE?
Its ordinary, voting shares are held indirectly and exclusively by members of the Porsche and PiΓ«ch families; its preference shares are listed.
Who controls Volkswagen?
Porsche SE, with 53.3% of the voting rights at 31 December 2025, ahead of Lower Saxony and Qatar Holding.
Who runs Porsche AG?
Michael Leiters has been CEO since 1 January 2026, taking over from Oliver Blume, who remains CEO of the Volkswagen Group.
The complete explainer, cleaned up and reformatted for mobile.
In short
Yes. Volkswagen AG holds the majority of Porsche AG, the sports-car maker. Porsche AG’s voting (ordinary) shares are held only by Volkswagen AG and Porsche SE, which bought 25% plus one share of them at the 2022 IPO; Volkswagen holds the rest and, as far as Porsche AG knows, most of the listed non-voting preference shares. The twist: Porsche SE, owned by the Porsche and PiΓ«ch families, also controls Volkswagen AG with 53.3% of its votes.
Correction (10 Oct 2026): an earlier version of this page listed T. Rowe Price, the Qatar Investment Authority and ADQ with exact percentages and an undated market cap, none of them sourced. Ownership now follows Porsche AGβs investor-relations disclosure (31 Dec 2025) and Porsche SEβs 2022 announcement.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q, prospectus and earnings releases, or its annual report), with the period stated next to each number; outside estimates appear only labelled, with their source and date. Last refreshed October 2026. Our methodology.
‘Porsche’ can mean two companies: Porsche AG (the car maker, ticker P911) and Porsche SE (the families’ listed holding company, ticker PAH3).
Does Volkswagen own Porsche?
Yes, Volkswagen AG owns the majority of Dr. Ing. h.c. F. Porsche AG, the company that builds Porsche cars. Porsche AG has 911 million shares, split evenly into 455.5 million unlisted ordinary shares, which carry the votes, and 455.5 million listed preference shares, which do not (Porsche AG). The ordinary shares are held only by Volkswagen AG and Porsche SE.
At the September 2022 IPO, Porsche SE bought 25% plus one share of the ordinary shares from Volkswagen (Porsche SE), a blocking minority under German law. Volkswagen kept the rest of the voting shares and, according to Porsche AG, still holds the majority of the preference shares; the others are spread among institutional and private investors.
Who owns Porsche SE, and why that matters
Porsche SE is a separate, listed holding company. Its voting shares are held exclusively by members of the Porsche and PiΓ«ch families (Porsche SE), and it holds 53.3% of the votes in Volkswagen AG (VW AR 2025). So the families control VW, which owns most of Porsche AG, and they also hold a direct 25%-plus-one stake in Porsche AG through Porsche SE.
Porsche AG becomes part of the Volkswagen Group; Porsche SE keeps its VW stake.
Sep 2022
Porsche AG IPO
Preference shares listed in Frankfurt; Porsche SE buys 25% + 1 of the ordinary shares (Porsche SE).
The Business Engineer view
A circle of control
The structure is circular by design. The families keep control of the whole group through Porsche SE, Volkswagen keeps Porsche AG’s profits inside the group, and outside investors get economic exposure through non-voting preference shares. The 2022 IPO raised money and put a market price on Porsche AG without changing who decides.
For investors, that means Porsche AG’s strategy is ultimately Volkswagen’s and the families’ strategy. For the brand, it means stability: no outsider can take control of Porsche without the families’ agreement.
What to watch
Any sale of Porsche AG shares by Volkswagen
Porsche SE’s stakes and debt (it holds both VW and Porsche AG)
Porsche AG’s index membership and free float
Frequently asked questions
Connected Β· Porsche
Where to go next on Porsche
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Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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