Porsche chief executive Wendelin Wiedeking yesterday launched a savage attack on Anglo-Saxon fund managers for their short-termist, asset-stripping approach to investment.

Defending Porsche's decision to acquire 18.5% of Volkswagen, making it the carmaker's biggest shareholder, he faced down sharp criticism from small investors at the sports car group's annual meeting that the €3bn (£2bn) would have been better spent on bigger dividends.

Porsche said first-half sales were up 15% to €3.25bn and pre-tax earnings provisionally up 11% to €274m.