FRANKFURT -- Volkswagen Group's controlling Porsche and Piech families are against selling any of the company's assets, the clan's most senior member, Wolfgang Porsche, said.
"Of course, the management board has the right to make such strategic considerations," Wolfgang Porsche, chairman of Porsche SE, the holding firm through which the two families control 52 percent of VW's voting shares, said during the Frankfurt auto show.
"But [asset] sales are currently not on the agenda. These questions have to date not been discussed on the supervisory board," Porsche said.
Analysts and bankers have been expecting the carmaker to sell assets to make it nimbler and help fund a strategic shift following its emissions cheating, as well as to meet the cost of the scandal, which has already reached $25 billion.
VW asked banks earlier this year to examine options for its motorcycle brand Ducati and transmissions maker Renk, including selling the two divisions, sources have said, as it reviews its portfolio of assets after announcing a major push into electric cars and new mobility services last year.
But after VW's powerful labor unions have repeatedly opposed any such deal, the carmaker's controlling Porsche and Piech clan on Tuesday also withheld its backing for divestments.
Rather than selling assets, Porsche said VW should focus on implementing a turnaround plan for its troubled core autos division which is pushing an increased embrace of electric cars.
"We must continue to rigorously put the future pact into effect," he said. "And we must become leaner in some places."