The holding company Porsche Automobil Holding SE (PSE), which controls German automotive giant Volkswagen Group, has reduced its mountain of debt accumulated as a result of Porsche’s initial public offering (IPO) by around €1 billion ($1.1 billion). Net debt for the company stood at €5.7 billion at the end of last year, down from €6.7 billion at the end of 2022, the Stuttgart-based company announced on Thursday. In the long term, the company plans to repay an annual amount in the mid three-digit million euro range. At the end of 2021, PSE still had €641 million in net liquidity. The Porsche–Pi…