Porsche CEO denies sub-Cayenne SUV, VW takeover ambitions

Porsche has no plans for a small SUV positioned below the Cayenne, CEO Wendelin Wiedeking said at the Extraordinary General Meeting of shareholders this week.

Wiedeking said the company will focus its efforts on the launch of the Panamera four-door coupe, which will be launched as a 2009 model. The chief executive's comments lay to rest rumors that the sports car maker would use the platform developed for the Volkswagen Tiguan and Audi Q5 for a vehicle of its own. Last month, Autobild reported the vehicle would be called "Roxster."

No plans for VW takeover

Cash-rich Porsche has no plans to expand its stake in Volkswagen, which hovers around 30 percent. Asked if the company would move beyond 50 percent, Wiedeking said: "At the moment, we have no further intentions," according to Thomson Financial.

Porsche is expected to post a record profit for fiscal 2007.