German automotive holding company Porsche SE plans to use its 2.6 billion euros ($3.37 billion) in cash to invest in mid-sized companies rather than distribute it to shareholders as a special dividend.
"We are first and foremost going to focus on the major global trends in the automotive industry such as sustainability, conservation of resources and the increasingly networked automotive world," said Chief Executive Martin Winterkorn in a statement on Tuesday.
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"Our principle here is: It is more important that particular investments meet our expectations and, above all, create sustainable value than that we are quick to invest," he added.
($1 = 0.7717 euros)
(Reporting by Christiaan Hetzner; Editing by Victoria Bryan)