PORSCHE's initial public offering remains on track, said Arno Antlitz, chief financial officer of parent company Volkswagen, yesterday.

According to the executive, the luxury marquee's listing continues "with more emphasis than before" even after Volkswagen's chief exec Herbert Diess stepped down last week. Diess, reports said, 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 as the head of the Carrera marker.

The decision to have Blume head both companies raised a few eyebrows, as investors believed the job would hurt Porche's listing plans.

The announcement follows

Volkswagen's half year results yesterday, which saw the automotive giant's operating results increase by 16 per cent on 2021 levels to reach €13bn (£10.9bn) while revenues rose two per cent to hit €132.3bn.

The group said it was expecting 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 2.4m to 1.9m.

Despite the drop, Volkswagen said that higher prices and cost-cutting would allow it to deliver an operating margin of up to 8.5 per cent.

(c) 2022 City A.M., source Newspaper