Porsche SE, the major shareholder in Volkswagen, is exploring new investment opportunities to diversify its holdings, according to the company’s finance chief. Johannes Lattwein, a board member responsible for finance and IT, highlighted that its’s strong financial standing allows for significant flexibility in making both core and portfolio investments.
Lattwein emphasized that the current market conditions, marked by a general decline in company valuations, present appealing opportunities for investment. The company has recently joined an investor consortium to acquire a 35% stake in Flix SE, which operates Greyhound services in North America and FlixBus in Europe. Additionally, it has invested in Waabi Innovation Inc., a Canadian AI firm.
For the first half of the year, it reported a decrease in net income to €2.1 billion from €2.3 billion in the same period last year. The company has set a target for its full-year pre-tax net result to range between €3.5 billion and €5.5 billion.
The company also reduced its net debt to €5.0 billion as of June 30, down from €5.7 billion at the end of last year, staying within its anticipated range for the year. Porsche SE, or Porsche Automobil Holding SE, is a prominent German holding company with its primary focus on the automotive industry. Founded in 1931 by Ferdinand Porsche, the company is headquartered in Stuttgart, Germany.
Porsche SE holds a significant stake in Volkswagen AG, one of the world’s leading automobile manufacturers, making it a key player in the global automotive market. The company is controlled by the Porsche and Piëch families, who remain influential in its strategic decisions. Beyond its automotive investments, Porsche SE is also involved in other sectors, including industrial technology, through its diverse portfolio of companies.
