The billionaire family that controls Volkswagen and Porsche is targeting “larger investments” to further diversify away from its struggling automotive businesses.
Porsche SE, the Porsche-Piech family’s investment vehicle, said late on Tuesday that its portfolio of assets would be “dynamically expanded with further investments” to “further diversify the company”.
The decision comes as both VW and sport-car maker Porsche AG grapple with drastically lower sales in China, squeezed profits and contentious cost-cutting measures in their domestic German market, putting pressure on dividend payments to shareholders.
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