FRANKFURT (Reuters) – A possible listing of luxury division Porsche AG is not at the top of the agenda of Volkswagen, Chief Executive Herbert Diess told Frankfurter Allgemeine Zeitung in an interview.
“The issue of a Porsche listing currently does not have a high priority for me,” Diess was quoted as saying by the newspaper.
Even if only a part of Porsche were to be freely traded, Volkswagen would lose a part of its cash flow, Diess said. “At the moment much speaks in favour of using the money for our structural change,” Diess said.
“One does not want to give away a jewel like Porsche.”
People familiar with the matter told Reuters last month that Volkswagen was considering a listing of Porsche AG to rake in cash needed for the group’s shift towards software and electric vehicles.
Last week, Diess said that he saw no need for action when asked about a potential listing of the group’s Porsche luxury division, adding the unit’s cash flow was key to Volkswagen’s turnaround.
(Reporting by Christoph Steitz; editing by Louise Heavens and Dan Grebler)