Volkswagen's earnings were affected by mounting challenges posed by higher US tariffs and the scrapping of a shift to electric vehicles by its luxury Porsche brand.
On top of that, lower saxony (where VW resides) has a law that effectively gives the country blocking minority rights, so those 53 percent don’t give Porsche the ability to actually control the company.
It seems to be even more complicated than what you described, as I just realized:
Porsche SE is only owning 31.4% of the Volkswagen AG (which in turn owns 75% of Porsche AG), but has 53.3% of the shareholder voting rights.
Financial constructs of huge corporations are strange…
On top of that, lower saxony (where VW resides) has a law that effectively gives the country blocking minority rights, so those 53 percent don’t give Porsche the ability to actually control the company.