FRANKFURT: Volkswagen overtook software maker SAP on Wednesday as the most valuable company in Germany’s blue-chip DAX index, as investors warm to the carmaker’s plans to take on Tesla.
Volkswagen shares rose as much as 12%, giving the company a market valuation of more than €136 billion (RM667bil)), compared with SAP’s €127 billion (RM623bil).
Volkswagen shares have gained 47% year-to-date, supported by a raft of announcements on its electric vehicle expansion strategy, which culminated in a “Power Day” this week including plans to build six gigafactories in Europe by 2030.
Chief executive Herbert Diess said on Tuesday he thought Volkswagen, the world’s second-largest carmaker after Toyota, was worth €200 billion (RM981bil), still a far cry from Tesla’s US$650 billion (RM2.6tril) market value.
