The chairman of the Volkswagen Group has denied that the German company plans to sell some of its brands to offset the cost of the diesel emissions scandal.
Hans Dieter Poetsch added that the VW Group would also not entertain a capital increase.
“The Volkswagen Group is financially solid and has many options for financing,” Poetsch told German business daily Boersen-Zeitung.
“And that is without extraordinary measures such as a capital increase. That is not being considered at this time. We are also not thinking of selling parts of our brands,” he told the newspaper.
The Volkswagen Group is facing civil litigation as well as several possible fines from governments in various major markets around the world.
Earlier this year, reports suggested the group would consider selling off a handful of its smaller brands, with the likes of Seat, Bentley, Bugatti and Lamborghini apparently under threat. But Poetsch has now poured cold water on that theory.
Poetsch furthermore told Boersen-Zeitung that the money the company had already set aside to deal with the emissions scandal – said to total some €17,8-billion – would be sufficient.
“The items that seem most likely are reflected in the provisions made so far. From today’s point of view, that is robust,” he said.
