[Analysts were stunned by Porsche's move, which they said was a radical departure for a traditionally conservative company.] Porsche told us that they were going to invest back into the company rather than pay higher dividends, ... Now they're investing in one of the least profitable car companies in Europe.
I welcome the step. It gives management credibility. What we would look for now is whether this outlook is just part of a series of revisions that might come later or whether today's guidance is valid for the rest of 2002.
Until now, the Germans thought, 'We can make it with diesel.' They saw hybrid as a technology that was just filling a gap, ... Now they're seeing that, particularly in the U.S., they're missing a market.
The fact that they didn't raise their dividend any further -- we expected 0.70 euros per share -- was a disappointment when viewed against the 11 percent increase in net profit. We would hold the stock.