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Volkswagen aims to launch Porsche IPO in the field of EV promotion

Volkswagen is trying to get Porsche to go public with a potential initial public offering that will help the automaker make desirable investments.

Via Automatic table HT
Update on:
February 22, 2022, 04:59 ONLY

Image files are used for representation purposes only.  (AP)
Image files are used for representation purposes only. (AP)

Volkswagen is in advance talks about a potential initial public offering (IPO) for its profitable subsidiary, Porsche. According to a Bloomberg report, the move will help the company achieve record investments along with expanding value for shareholders. Volkswagen announced together with Porsche Automobil Holding SE, it negotiated a framework agreement to form the basis of this offering.

The group has yet to make a final decision.

Volkswagen has tried to choose a company structure that is less centralized and more agile. The auto specialist is trying to widen his game with electric mobility goals to tackle Tesla. It is in the process of consolidating the ID range and the all-electric Porsche Taycan is also working well for the sports car brand. However, the valuation is still obscured by Tesla.

(Also read | Porsche is preparing to build the main factory for the all-electric 718 sports car)

As reported by Bloomberg, Bloomberg Intelligence estimates that Porsche’s valuation could be in the range of 60 billion euros to 85 billion euros ($96 billion) compared to the current market value of about 112 billion euros for the whole group. . Besides Porsche, Volkswagen also owns Audi, Lamborghini and Bentley.

(Also read | Volkswagen code. Buzz receives 82 kWh battery pack, ready for global launch on March 9)

Last year, Porsche registered an annual sales growth of 11% to 301,915 units. The luxury sports car maker is optimistic to continue its growth momentum this year and hopes to sell around 3,35,000 vehicles despite the ongoing global chip crisis. Porsche is also preparing to introduce its all-electric car Macan model next year. Porsche CEO Oliver Blume said the brand has established a flexible strategy to introduce new products in each of the brand’s segments such as internal combustion engines, hybrids and electric vehicles.

Date of first publication: February 22, 2022, 04:59 PM IST

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