Volkswagen Group may be looking at a Porsche spinoff in its quest to raise funds for its extensive electric vehicle and software development programs.
Citing a source at the automaker, Manager Magazin reported Thursday that VW Group is considering a partial float of Porsche.
According to the source, VW Group could float as much as 25% of Porsche—a move estimated to generate between $24 billion and $30 billion—though it won't happen this year, if given the green light. VW Group owns 100% of the German performance car marque.
It's not the first time we've heard the suggestion of a Porsche spinoff. In 2018, Porsche Chief Financial Officer Lutz Meschke floated the idea during a media event for the launch of the Taycan.
VW Group last year was rumored to be looking at a spinoff of its Lamborghini brand, though the automaker last December said it will keep Lamborghini along with Bentley and Ducati. There are still rumors VW Group may transfer Bugatti to Rimac in return for a controlling stake in the EV technology company, however.
The news of the potential Porsche spinoff comes just weeks after fellow German auto giant Daimler said it will spin off its commercial vehicles division. The move will be completed this year, after which Daimler will rebrand itself Mercedes-Benz.