VW and Porsche are committed to overtaking Tesla in the electric vehicle market very soon.
not the European Union's energy battle with Russia. Due to the countries' support for Ukraine, which Moscow invaded on February 24, Moscow has decided to stop supplying gas to Europe before the chilly autumn and winter months.
Household electricity costs will definitely skyrocket as a result of the energy crisis, which would inevitably damage the already sluggish European economies.
Volkswagen doesn't appear to be bothered by any of this or even by the internal conflicts that resulted in Herbert Diess' termination as CEO in July.
According to the corporation, this IPO will take place in Frankfurt at the end of September or at the start of October. Investors are kindly reminded by Volkswagen that the deal is "subject to future capital market developments." It makes no more mention.
Investors anticipate a valuation between 60 and 85 billion euros ($59.4 and $84.1 billion). Aston Martin (AMGDF) and Ferrari (RACE) are two additional European luxury flagships whose valuations have significantly declined, according to some experts.
The current market value of Ferrari is $35 billion. Porsche, however, makes more automobiles than Ferrari, which places more emphasis on rarity and scarcity. According to Reuters, if the IPO were valued at 85 billion euros, it would be the largest in Europe and Germany since 1999.
Over the next five years, the German automaker plans to invest 89 billion euros ($88.1 billion) on the development of EVs. The other goal is to have starting in 2026, sales of electric vehicles account for a quarter of the entire group's sales.