Despite market volatility, Volkswagen was still working toward an initial public offering (IPO) for Porsche in the fourth quarter that would give the luxury brand more freedom, the VW finance chief has said.

“We are optimistic we can pursue this project in the fourth quarter,” chief financial officer Arno Antlitz said at the Reuters Automotive Europe conference in Munich.

“Porsche would gain entrepreneurial freedom, we can expect a lot from them.”

He told Reuters there was still plenty of investor appetite and capital available for an IPO.

“All the reasons we should pursue that project are still in place,” he said.