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Here's something I wrote on another forum:
Porsche AG is an independent company that produces Porsche brand cars.
Volkswagen AG is an independent company that produces cars under several brands, including Volkswagen, Audi, Bentley, Seat, and Lamborghini.
Porsche and Volkswagen have a relationship going back all the way to the beginning. The original Volkswagen Beetle was designed by Dr. Porsche, who later went on to found Porsche AG. The first production Porsche, the 356, was based on Volkswagen mechanicals. Over the years Porsche has continued to source parts from Volkswagen for some models.
Recently, Porsche and VW collaborated on the design of the Porsche Cayenne and VW Toureg SUVs.
VW Chairman Piech is related to the Porsche family, and holds a stake in Porsche AG.
Porsche AG owns a significant stake in Volkswagen AG, about 10% if I recall correctly.
So to recap - Porsche and VW are independent companies that do collaborate on occasion, and Porsche owns a stake in VW, but neither companies are owned subsidiaries of the other company.
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I understand that Porsche's stake in VW is actually more like 20% at the moment.
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