Volkswagen Group lost its long-held most valuable automaker title. The company has been announced as Europe’s most valuable automaker, surpassing Volkswagen.
Porsche, which is part of the Volkswagen Group, reached a list price of 93 euros on Thursday and has a market value of 85 billion euros. The share price, which decreased to 91 euros during the day, made the company the most valuable company in Europe.
Porsche named Europe’s most valuable automaker
Porsche’s share price regained momentum after investment banks involved in its IPO bought shares for 312.8 million euros. Investment banks, which bought about 3.8 million shares, supported the company’s listing.
A Volkswagen spokesperson stated that the shares purchased between September 29 and October 4 represent approximately 11 percent of the total trading volume since listing and comprise 34 million shares. Making a statement on the subject, Volkswagen spokesperson said, “Inflation data announced in Europe and the USA have increased the latest concerns about energy supply in Europe. Companies have started to implement small-scale measures against fluctuations in the stock market.” made statements.
Losing the first place to Porsche, Volkswagen Group has a market value of 77.7 billion euros. Third place on the list is Mercedes-Benz with 57.2 billion euros.
Porsche, the fifth most valuable company listed on the stock exchange in Germany after Linde, SAP, Deutsche Telekom and Siemens, is now the 25th most valuable company in Europe. Bank of America announced on Wednesday that it has purchased Porsche shares for between 81 euros and 82.50 euros, compared to the original issue price of 82.50 euros.
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