(Bloomberg) — The billionaire family controlling Porsche AG and Volkswagen AG may make a third core investment as their automakers struggle with rising trade tensions and muted demand.
Porsche Automobil Holding SE, the listed holding company of the Porsche-Piëch clan, is considering investing in industries adjacent to the mobility and industrial technology sectors, it said Wednesday.
“We are also looking at defense, we are also looking at infrastructure,” Chief Financial Officer Johannes Lattwein said during a call discussing Porsche SE’s earnings.
The family is mulling the move as Volkswagen and Porsche contend with falling sales in China and the threat of tariffs in the US. The holding company on Wednesday cut its dividend after reporting a net loss of €20 billion ($21.6 billion) due to non-cash impairments related to its VW and Porsche holdings. The troubles heap more pressure on Oliver Blume, who runs both automakers.
Porsche SE has no intention to sell any of its Volkswagen shares, Chairman Hans Dieter Pötsch said Wednesday. The company has denied a Bild report saying the family was considering reducing its 53% stake in the automaker. Any decision would require consensus within the clan, which counts several dozen descendants of whom few play an active role in the automotive business.
Porsche SE has €2 billion ($2.16 billion) in liquidity and doesn’t intend to take on additional debt for another investment, it said Wednesday. Lutz Meschke, who until recently served as CFO for the Porsche carmaker, sits on the holding company’s management board and is overseeing the expansion of its non-core portfolio.
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