An investor who buys Volkswagen stock on the DAX in Frankfurt usually gets preferred shares. Those shares pay dividends but carry no vote at the annual meeting. The votes sit in a separate class of ordinary shares, and three holders control more than 90% of them.
That split explains who owns Volkswagen Group. Porsche Automobil Holding SE, the holding company of the Porsche and Piëch families, controls Volkswagen AG with 53.3% of the voting rights, according to the Volkswagen Group Annual Report 2025.
Volkswagen Group ownership at a glance
Volkswagen AG is a listed company based in Wolfsburg, Lower Saxony. Its ordinary shares numbered 295,089,818 at the end of 2025, and its subscribed capital stood at €1,283,315,873.28.
53.3%
Voting rights held by Porsche SE
20.0%
Voting rights held by the State of Lower Saxony
17.0%
Voting rights held by Qatar Holding LLC
9.7%
Ordinary shares in free float
The figures are as of December 31, 2025. Volkswagen publishes changes in voting rights under the German Securities Trading Act.
Porsche SE and the Porsche-Piëch families
Porsche SE is a holding company based in Stuttgart. It builds no cars and runs no plants. Its own voting shares belong to the Porsche and Piëch families, the descendants of Ferdinand Porsche.
Porsche SE holds 31.9% of Volkswagen’s subscribed capital and 12.5% of the capital of sports car maker Porsche AG, according to Just Auto. In Porsche AG, that equals 25% of the ordinary shares plus one share, enough for a blocking minority.
The structure is circular. The families control Porsche SE, Porsche SE controls Volkswagen, and Volkswagen holds the majority of Porsche AG. Hans Dieter Pötsch leads Porsche SE as chief executive.
Voting rights versus share capital at Volkswagen
Volkswagen has two share classes. Ordinary shares carry one vote each. Preferred shares receive dividends but have no vote. Control depends on the ordinary class.
Voting rights split
Porsche SE alone holds a majority of votes. Lower Saxony and Qatar together hold 37%.
Share capital split
Ownership of total share capital looks very different. At the end of 2024, Porsche SE held 31.9%, Lower Saxony 11.8% and Qatar 10.4%, according to Volkswagen’s 2024 annual report as cited by Moody’s. Institutional and private investors held the remaining 45.9%.
This gap is why Porsche SE controls the company with less than a third of its equity.
Why Lower Saxony holds 20% of Volkswagen’s votes
The state of Lower Saxony has been a shareholder since Volkswagen’s 1960 privatization. Its position is tied to a federal statute known as the Volkswagen Law.
The Volkswagen Law requires more than 80% shareholder approval for major corporate decisions. With 20% of the votes, Lower Saxony can block such decisions on its own.
The law also requires a two-thirds supervisory board majority for decisions on plant sites. Worker representatives hold half the seats on that board. In practice, closing a German factory needs support from labor and the state.
Qatar’s place among Volkswagen Group owners
Qatar Holding LLC is the third-largest shareholder, with 17.0% of the votes. It is part of the Qatar Investment Authority, the Gulf state’s sovereign wealth fund.
Its equity stake stood at 10.4% at the end of 2024. Qatar holds no special legal rights comparable to those of Lower Saxony.
Brands owned by Volkswagen Group
Volkswagen AG sits above a group of car, motorcycle and truck brands. It organizes them into brand groups.
In 2025, the group delivered 8,983,900 vehicles, down 0.5% from 2024, according to the Volkswagen Group Annual Report 2025. Sales revenue reached €321.9 billion, and the operating result fell to €8.9 billion, a 2.8% operating return on sales, as stated in the report’s summary.
How 2026 losses hit Volkswagen’s owners
2026 has put pressure on every layer of the ownership chain.
For the July to September quarter, Volkswagen posted an after-tax loss of about $6.5 billion. Revenue fell 6.3% to €80.3 billion, and a €6.4 billion charge reduced the book value of the Porsche stake, according to the Associated Press.
The losses also flow up to Porsche SE, whose largest holding is its Volkswagen stake.
None of this has changed the voting structure. As of the latest annual report, Porsche SE, Lower Saxony and Qatar remain the three controlling shareholders.
FAQ
Who is the largest shareholder of Volkswagen Group?
Porsche Automobil Holding SE. It held 53.3% of the voting rights and about 31.9% of subscribed capital. The Porsche and Piëch families control Porsche SE.
Does the German government own Volkswagen?
The federal government does not. The state of Lower Saxony holds 20% of the voting rights and about 11.8% of capital, which lets it block major decisions under the Volkswagen Law.
Does Volkswagen own Porsche?
Volkswagen AG holds the majority of Porsche AG, the sports car maker. Porsche SE, the separate family holding company, controls Volkswagen and holds 12.5% of Porsche AG’s capital.
How much of Volkswagen does Qatar own?
Qatar Holding LLC held 17.0% of the voting rights at the end of 2025. Its share of total capital was 10.4% at the end of 2024.
Can anyone buy Volkswagen shares?
Yes. Both share classes trade in Germany. Most public trading is in non-voting preferred shares, and only 9.7% of the voting ordinary shares are in free float.