Volkswagen AG is not working to float any of its portfolio of luxury car brands, the company's CFO told a Bloomberg webinar Sept. 8, as it focuses on preparing the company's heavy trucks division for a possible stock market listing.
"It is a legitimate question, without a doubt," Witter told the Bloomberg webinar. "Every other consideration might be down the road, but it's currently not a priority the management is working on."
Observers had begun to speculate that Volkswagen might be keen to sell shares in its elite brands, Bentley, Lamborghini, Bugatti and Porsche, with Ferrari's shares now hovering at about double the price at which they arrived on the stock market and after Aston Martin said Aug. 29 that it had filed for an IPO at the London Stock Exchange. Analysts interviewed by S&P Global Market Intelligence took the view that though the timing looked right, Volkswagen had too many other priorities to dedicate resources to the burdensome process of preparing an IPO.
Witter said that in addition to preparations to float the heavy-trucks division, other priorities include making the group's 12 automotive brands operate more efficiently together to boost profit margins.