History
Professor Ferdinand Porsche founded the company called "Dr. Ing. h. c. F. Porsche GmbH" in 1931, with main offices at Kronenstraße 24 in the centre of Stuttgart. Initially, the company offered motor vehicle development work and consulting, but did not build any cars under its own name. One of the first assignments the new company received was from the German government to design a car for the people, a German: Volkswagen. This resulted in the Volkswagen Beetle, one of the most successful car designs of all time. The first Porsche, the Porsche 64, was developed in 1939 using many components from the Beetle.
During World War II, Volkswagen production turned to the military version of the Volkswagen Beetle, the Kübelwagen, 52,000 produced, and Schwimmwagen,[15] 14,000 produced. Porsche produced several designs for heavy tanks during the war, losing out to Henschel & Son in both contracts that ultimately led to the Tiger I and the Tiger II. However, not all this work was wasted, as the chassis Porsche designed for the Tiger I was used as the base for the Elefant tank destroyer. Porsche also developed the Maus super-heavy tank in the closing stages of the war, producing two prototypes.[citation needed]
At the end of WW2 in 1945, the Volkswagen factory at Wolfsburg fell to the British. Ferdinand lost his position as Chairman of the Board of Management of Volkswagen, and a British Army Major – Ivan Hirst was put in charge of the factory. (In Wolfsburg, the Volkswagen company magazine dubbed him "The British Major who saved Volkswagen.") On 15 December of that year, Ferdinand was arrested for war crimes, but not tried. During his 20-month imprisonment, Ferdinand Porsche's son, Ferry Porsche, decided to build his own car because he could not find an existing one that he wanted to buy. He also had to steer the company through some of its most difficult days until his father's release in August 1947. The first models of what was to become the 356 were built in a small sawmill in Gmünd, Austria. The prototype car was shown to German auto dealers, and when pre-orders reached a set threshold, production was begun. Many regard the 356 as the first Porsche simply because it was the first model sold by the fledgling company. Porsche commissioned a Zuffenhausen-based company, Reutter Karosserie, which had previously collaborated with the firm on Volkswagen Beetle prototypes, to produce the 356's steel body. In 1952, Porsche constructed an assembly plant (Werk 2) across the street from Reutter Karosserie; the main road in front of Werk 1, the oldest Porsche building, is now known as Porschestrasse. The 356 was road certified in 1948.
Porsche's company logo was based on the coat of arms of Free People's State of Württemberg of former Weimar Germany, which had Stuttgart as its capital and became part of Baden-Württemberg after the political consolidation of West Germany in 1949.
Not long afterwards, on 30 January 1951, Ferdinand Porsche died from complications following a stroke.
In post-war Germany, parts were generally in short supply, so the 356 automobile used components from the Volkswagen Beetle including its internal combustion engine, transmission, and suspension. The 356, however, had several evolutionary stages, A, B, and C, while in production, and many Volkswagen parts were replaced by Porsche-made parts. The last 356s were powered by entirely Porsche-designed engines. The sleek bodywork was designed by Erwin Komenda who also had designed the body of the Beetle. Porsche's signature designs have, from the beginning, featured air-cooled rear-engine configurations (like the Beetle), rare for other car manufacturers, but producing automobiles that are very well balanced.
In 1964, after some success in motor-racing, namely with the Porsche 550 Spyder, the company launched the Porsche 911 another air-cooled, rear-engined sports car, this time with a six-cylinder "boxer" engine. The team to lay out the body shell design was led by Ferry Porsche's eldest son, Ferdinand Alexander Porsche (F. A.). The design phase for the 911 caused internal problems with Erwin Komenda, who led the body design department until then. F. A. Porsche complained Komenda made unauthorized changes to the design. Company leader Ferry Porsche took his son's drawings to neighboring chassis manufacturer Reuter. Reuter's workshop was later acquired by Porsche (so-called Werk 2). Afterward Reuter became a seat manufacturer, today known as Keiper-Recaro.
The design group gave sequential numbers to every project (356, 550, etc.), but the designated 901 nomenclature contravened Peugeot's trademarks on all 'x0x' names, so it was adjusted to 911. Racing models adhered to the "correct" numbering sequence: 904, 906, 908. The 911 has become Porsche's most well-known and iconic model – successful on the race-track, in rallies, and in terms of road car sales. Far more than any other model, the Porsche brand is defined by the 911. It remains in production; however, after several generations of revision, current-model 911s share only the basic mechanical concept of a rear-engined, six-cylinder coupé, and basic styling cues with the original car. A cost-reduced model with the same body, but 356-derived running gear (including its four-cylinder engine), was sold as the 912.
In 1972, the company's legal form was changed from Kommanditgesellschaft (KG), or limited partnership, to Aktiengesellschaft (AG), or public limited company, because Ferry Porsche and his sister, Louise Piëch, felt their generation members did not team up well.[citation needed] This led to the foundation of an Executive Board whose members came from outside the Porsche family, and a Supervisory Board consisting mostly of family members. With this change, no family members were in operational charge of the company. F. A. Porsche founded his own design company, Porsche Design, which is renowned for exclusive sunglasses, watches, furniture, and many other luxury articles. Ferdinand Piëch, who was responsible for mechanical development of Porsche's serial and racing cars, formed his own engineering bureau, and developed a five-cylinder-inline diesel engine for Mercedes-Benz. A short time later he moved to Audi, and pursued his career through the entire company, up to and including, the Volkswagen Group boards.
The first Chief Executive Officer (CEO) of Porsche AG was Dr. Ernst Fuhrmann, who had been working in the company's engine development. Fuhrmann was responsible for the so-called Fuhrmann-engine used in the 356 Carrera models, as well as the 550 Spyder, having four overhead camshafts instead of a central overhead camshaft, as in the Volkswagen-derived serial engines. He planned to cease the 911 during the 1970s, and replace it with the V8-front engined grand sportswagon 928. As we know today, the 911 outlived the 928 by far. Fuhrmann was replaced in the early 1980s by Peter W. Schutz, an American manager and self-proclaimed 911 aficionado. He was then replaced in 1988 by the former manager of German computer company Nixdorf Computer AG, Arno Bohn, who made some costly miscalculations that led to his dismissal soon after, along with that of the development director, Dr. Ulrich Bez, who was formerly responsible for BMW's Z1 model, and today is CEO of Aston Martin.In 1990, Porsche drew up a memorandum of understanding with Toyota to learn and benefit from Japanese production methods. Currently Toyota is assisting[citation needed] Porsche with hybrid technology, rumoured to be making its way into a Hybrid Cayenne SUV and, announced for the 2011 model four-door coupé, the Porsche Panamera.
Following the dismissal of Bohn, an interim CEO was appointed, longtime Porsche employee, Heinz Branitzki, who served in that position until Dr. Wendelin Wiedeking became CEO in 1993. Wiedeking took over the chairmanship of the board at a time when Porsche appeared vulnerable to a takeover by a larger company. During his long tenure, Wiedeking has transformed Porsche into a very efficient and profitable company.
Ferdinand Porsche's grandson, Ferdinand Piëch, was chairman and CEO of the Volkswagen Group from 1993 to 2002. Today he is chairman of the Supervisory Board. With 12.8 percent of the Porsche voting shares, he also remains the second largest individual shareholder of Porsche AG after his cousin, F. A. Porsche, (13.6 percent).
Porsche's 2002 introduction of the Cayenne also marked the unveiling of a new production facility in Leipzig, Saxony, which once accounted for nearly half of Porsche's annual output. The Cayenne Turbo S has the third most powerful production engine in Porsche's history, with the most powerful belonging to the Carrera GT (605 hp) and the second being the 997 GT2 (530 hp). The 500 hp of the Cayenne Turbo S matches the "997 II" Turbo's output.
In 2004, production of the 456 kilowatts (620 PS; 612 bhp) Carrera GT commenced in Leipzig, and at EUR 450,000 ($440,000 in the United States) it was the most expensive production model Porsche ever built.
As of 2005, the extended Porsche and Piëch families controlled all of Porsche AG's voting shares. In early October 2005 the company announced acquisition of an 18.53% stake in Volkswagen AG (VW AG), and disclosed intentions to acquire additional VW AG shares in the future. As of June 2006, the Porsche AG stake in VW AG had risen to 25.1%, giving Porsche a blocking minority, whereby Porsche can veto large corporate decisions undertaken by VW AG.
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