Porsche is setting aside the equivalent of nearly $273 million (€250 million) to invest in new start-ups and put more money into existing venture capital assets. It's also creating Porsche Investments Management S.A. as an independent subsidiary based in Luxembourg for running this business.
The new division will manage Porsche's roughly 60 investments in start-up companies. It already has financial offices in Palo Alto, Berlin, Tel Aviv, and Shanghai. "Our activities are paying off not only in strategic terms, but also from a financial perspective," Lutz Meschke, deputy chairman of the executive board and member of the executive board for finance and IT, said in this announcement.
