Unnamed China sovereign wealth fund bids for Porsche stakes

Shanghai, July 8 (Gasgoo.com) German car maker Porsche Automobile Holding and its stock options in Volkswagen AG have attracted interest from three addition bidders besides the Qatar Investment Authority, according to newspaper reports.

Three new parties with an interest in taking a stake in Porsche include a Chinese and a Russian sovereign wealth fund as well as an unnamed hedge fund, Focus reports.

Reuters said a Porsche spokesman declined to comment on the report.

The Reuters report says though Porsche is billions in the red, it hasn't really affected Porsche's highly desirable vehicle lineup, which is beloved by luxury consumers. Porsche also chose the Shanghai Motor Show earlier this year to debut its first-ever sedan, the Panamera.