Porsche (Vz)

Auto supplier Weber Magdeburg has applied to the Amtsgericht Konstanz for the opening of insolvency proceedings. The court appointed lawyer Jan Markus Plathner as preliminary insolvency administrator; he will assess stabilization measures on site and consider pre-financing wages for about 120 employees. Weber Magdeburg, part of the Albert Weber Unternehmensgruppe, manufactures cylinder heads and recently suffered significant order losses after losing its most important customer, Porsche. » More on t-online.de

Porsche unveils the Mission S, a new supercar with an internal combustion engine that CEO Michael Leiters intends to use to reposition the company. The model targets luxury and performance and stands in direct contrast to Tesla's electric roadster strategy. The decision reflects a strategic bet on conventional powertrains to stabilize the brand. » More on wiwo.de

Porsche will give indications on third-quarter developments in a pre-close call on October 13, focusing on demand, business in China, profitability and the full-year outlook; the official Q3 figures will follow on October 27. On October 15 the Mission S Concept will be unveiled in Paris — a study for a possible mid-engine supercar platform that could in the long term carry on the legacy of the 918 Spyder. In the short term, progress in deliveries and earnings matters; the new flagship could strengthen the brand but does not replace the recently weak delivery numbers. » More on deraktionaer.de