Volkswagen will sell the 911 million shares in Porsche, a number chosen because it mimics the name of the brand’s flagship model – and the only car in its lineup that has vowed not to run on electric.
The company said it will use roughly half of the proceeds to pay a special one-time dividend; The rest will go to help fund the transition to battery technology.
The Porsche stock listing is aimed at helping Volkswagen raise money to invest in electric cars and push it toward software development as it tries to catch up with Tesla.
Former CEO Herbert Diess, who was ousted this year, had set a goal for the German group to overtake Tesla in electric vehicle sales by 2025.
Daniela Cavallo, head of the Volkswagen Power Business Council, told financial times Last week, the automaker may sell more shares in the future, to raise additional funds if needed.
In the future, VW advisors say the group may also seek to list other parts of the company, including the battery business, the Ducati bike name and possibly a long-term Lamborghini or Bugatti Rimac.
In the floating Porsche, Volkswagen was counting on the brand’s ability to achieve a higher financial valuation than most car brands, giving it the “luxury” status of Ferrari.
Consultants offered to work as he operates in the Ferrari segment while providing support for the auto giant, helping it gain scale benefits from a major automaker.
Potential investors have raised concerns about the company’s ties to Volkswagen, including the group’s control of Porsche and its potential reliance on the parent company for software and other technologies.
financial times
from San Jose News Bulletin https://sjnewsbulletin.com/investors-rush-to-buy-shares/
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