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Volkswagen eyes separate stock market listing for Porsche

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FRANKFURT: German auto giant Volkswagen on Tuesday (Feb 22) said it was drawing up plans to list its luxury brand Porsche as it looks to raise the funds for its move to electric vehicles. Volkswagen and its largest shareholder Porsche had \u0022negotiated a framework agreement which should form the basis for fu

FRANKFURT: German auto giant Volkswagen on Tuesday said it was drawing up plans to list its luxury brand Porsche as it looks to raise the funds for its move to electric vehicles.

The flotation would represent a major shake up at Volkswagen, which is searching for a ways to finance its shift away from traditional combustion engines towards electric vehicles. Shares in both the carmaker and the holding company jumped on the news. Volkswagen shares were up almost nine percent to 190 euros around 1330 GMT, while the holding group's stock rose by over 12 per cent.Analysts value Porsche, maker of the famous 911 sports car, at between 60 and 80 billion euros.

The Volkswagen group - whose 12 brands include Audi, Porsche and Skoda - is pumping 35 billion euros into the shift to electric vehicles and aims to become the world's largest electric carmaker by 2025.

 

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