Porsche SE has withdrawn its forecast for the group after tax results for 2020. Volkswagen AG had already said it had withdrawn its outlook due to the impact of the Covid-19 pandemic.

"It is currently not foreseeable for Volkswagen when a new forecast for the current financial year is possible. Therefore, also for the executive board of Porsche SE it is not possible to make a new forecast for the time being," the latter company said in a statement.

The net liquidity forecast remains unaffected – EUR0.4bn to 0.9bn on 31 December 2020.