BERLIN (Reuters) -Porsche has no plans to shift any part of its production process to the U.S., a spokesperson said on Friday, dismissing a Bloomberg report saying the company was considering such a move to mitigate the effects of tariffs.

The luxury carmaker, like Volkswagen’s Audi, does not produce vehicles in the U.S., leaving it heavily exposed to tariffs at a time when it faces the challenges of falling demand, fierce competition in China and slow uptake of its electric models.

Bloomberg, citing unnamed sources, reported on Friday that Porsche CEO Oliver Blume, who also leads the wider Volkswagen Group, was considering moving the final stages of model assembly, such as the installation of interior components or fitting of tires to the United States.

A spokesperson for the carmaker

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