August 31, 2016 1:24 AM ET

Automobiles

Company Overview of Porsche Cars North America, Inc.

Company Overview

Porsche Cars North America, Inc. manufactures, markets, and sells Porsche sports cars in the United States. It also provides pre-owned vehicles. It offers services and accessories; consulting services that helps companies to shape their processes in development, purchasing, production/logistics, and sales; engineering services for customers worldwide; process and IT consultancy services in Germany; information and tools to design engineering data with CAD/CAM for registered suppliers in the engineering environment; and financial services that include assurance, leasing, financing, and credit card services. The company also operates a restaurant in Atlanta. It offers its products through deal...

980 Hammond Drive

Suite 1000

Atlanta, GA 30328

United States

Founded in 1984

Phone:

770-290-3500

Fax:

770-290-3700

Key Executives for Porsche Cars North America, Inc.

Chief Executive Officer and President
Chief Operating Officer and Executive Vice President
Chief Executive Officer of Porsche Cars Australia
General Manager of Public Relations
Vice President of Public Relations for U.S. Market
Compensation as of Fiscal Year 2016.

Porsche Cars North America, Inc. Key Developments

Porsche Cars North America, Inc. Announces Sales Results for the Month and Year to Date Ended July 2016

Porsche Cars North America, Inc. announced sales results for the month and year to date ended July 2016. For the month, the company reported total sales of 3,878 vehicles against 4,730 vehicles a year ago. For the year to date, the company reported total sales of 30,586 vehicles against 29,868 vehicles a year ago.

Porsche Cars North America, Inc. Announces Sales Results for the Month and Year to Date Ended June 2016

Porsche Cars North America, Inc. announced sales results for the month and year to date ended June 2016. For the month, the company reported total sales of 4,482 vehicles against 4,194 vehicles a year ago, which represents an increase of 6.9%. For the year to date, the company reported total sales of 26,708 vehicles against 25,138 vehicles a year ago.

Attorney General Sam Olens Announces Compensation for Georgia Consumers Under Settlements with AUDI AG, Porsche Automobil Holding SE, Porsche Cars North America, Inc., Volkswagen AG and Volkswagen Group of America, Inc. over Emissions Fraud

Attorney General Sam Olens announced a settlement requiring Volkswagen to pay more than $570 million for violating state laws prohibiting unfair or deceptive trade practices by marketing, selling and leasing diesel vehicles equipped with illegal and undisclosed defeat device software. This agreement is part of a series of state and federal settlements that will provide cash payments to affected consumers, require Volkswagen to buy back or modify certain VW and Audi 2.0-liter diesel vehicles, and prohibit Volkswagen from engaging in future unfair or deceptive acts and practices in connection with its dealings with consumers and regulators. The coordinated settlements resolve consumer protection claims raised by a multistate coalition of State Attorneys General co-led by attorneys general in Connecticut, Massachusetts, New York, Oregon, Tennessee, and Washington, and joined by Georgia and 36 other states and jurisdictions against Volkswagen AG, Audi AG, and Volkswagen Group of America, Inc., Porsche AG and Porsche Cars, North America, Inc. - collectively referred to as Volkswagen. They also resolve actions against Volkswagen brought by the United States Environmental Protection Agency (EPA) and Department of Justice (DOJ), the Federal Trade Commission (FTC), California and car owners in private class action suits. The attorneys general's investigation confirmed that Volkswagen sold more than 570,000 2.0- and 3.0-liter diesel vehicles in the United States equipped with 'defeat device' software intended to circumvent applicable emissions standards for certain air pollutants, and actively concealed the existence of the defeat device from regulators and the public. Volkswagen made false statements to consumers in their marketing and advertising, misrepresenting the cars as environmentally friendly or 'green' and that the cars were compliant with federal and state emissions standards, when, in fact, Volkswagen knew the vehicles emitted harmful oxides of nitrogen (NOx) at rates many times higher than the law permitted. Under the settlements, Volkswagen is required to implement a restitution and recall program for more than 475,000 owners and lessees of 2.0-liter diesel vehicles, of the model year 2009 through 2015 listed in the chart below at a maximum cost of just over $10 billion. This includes 17,157 vehicles in Georgia. Once the consumer program is approved by the court, affected Volkswagen owners will receive restitution payments of at least $5,100 and a choice between: A buy back of the vehicle (based on pre-scandal NADA value); or A modification to reduce NOx emissions provided that Volkswagen can develop a modification acceptable to regulators. Owners will still be eligible to choose a buyback in the event regulators do not approve a fix. Owners who choose the modification option would also receive an Extended Emission Warranty; and a Lemon Law-type remedy to protect against the possibility that the modification causes subsequent problems. Volkswagen will pay $2.7 billion into a trust to support environmental programs throughout the country to reduce emissions of NOx. This fund, also subject to court approval, is intended to mitigate the total, lifetime excess NOx emissions from the 2.0-liter diesel vehicles identified below. Under the terms of the mitigation trust, Georgia is eligible to receive $58,105,433.35 to fund mitigation projects. Additional Payment to the States: In addition to consumer restitution, Volkswagen will pay to the states more than $1,000 per car for repeated violations of state consumer protection laws, amounting to $570 million nationwide. This amount includes $18,872,700 paid for affected vehicles Volkswagen sold and leased in Georgia. Volkswagen will also pay $20 million to the states for their costs in investigating this matter and to establish a fund that state attorneys general can utilize for future training and initiatives, including investigations concerning emissions violations, automobile compliance, and consumer protection.

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