The map of Europe's car and truck industry is set to be redrawn with Porsche's likely takeover of Volkswagen, the Financial Times reports. Porsche's board voted to boost the sports car manufacturer's stake in Volkswagen to more than 50% yesterday, only hours after Volkswagen said it would buy a controlling interest in Swedish truck company Scania. The combined $225 billion company would be the biggest car and truck firm in Europe.
Porsche aims to build an empire that could challenge Toyota for the title of largest and most profitable automaker in the world. Experts say a Porsche takeover of Volkwagen could help VW improve its performance in the key US market. Porsche executives intend to keep VW as a separate brand in a new holding company.