Porsche’s IPO remains on track, said Arno Antlitz, chief financial officer of parent company Volkswagen.
According to the executive, the luxury marquee’s listing continues “with more emphasis than before” even after chief executive Herbert Diess stepped down last week.
Diess, reports say, was fired over software development delays that set back the launch of new Porsche, Audi and Bentley electric vehicles.
The 63-year-old German businessman will be replaced from 1 September by Porsche’s chief executive Oliver Blume, who will also remain at the head of the Carrera maker.
The decision to have Blume head both Porsche and Volkswagen raised a few eyebrows, as investors believed the dual job would hurt the IPO.
The announcement follows Volkswagen’s half year results, which saw the automotive giant’s operating profit increase by 16 per cent on 2021 levels to €13bn (£10.9bn) while revenues went up 2 per cent to €132.bn.
The group said it was expecting its profits to hit the high end of its profit target range for the year, even though deliveries in the first quarter dropped by a fifth, from 2.4 to 1.9 million.
Despite the drop, Volkswagen said that higher price and cost-cutting would allow it to deliver an operating margin target of 8.5 per cent.
“We realise the challenges for 2023 but we are partially optimistic,” Antlitz said. “These order books will carry us to at least the first quarters of 2023.”