We consider the axially symmetric coupled system of gravitation, electromagnetism and a dilaton field. Reducing from four to three dimensions, the system is described by gravity coupled to a non-linear $σ$-model. We find the target space isometries and use them to generate new solutions. It seems that it is only possible to generate rotating solutions from non-rotating ones for the special cases when the dilaton coupling parameter $a=0, \pm \sqrt{3}$. For those particular values, the target space symmetry is enlarged.

11 pages, RevTex, one figure included