Porsche has become the most expensive automaker in Europe, overtaking the parent company Volkswagen Group.
Volkswagen Group has lost its long-standing title of the most valuable automaker. The company was declared the most expensive automaker in Europe, overtaking Volkswagen.
Porsche, which is part of the Volkswagen Group, reached a list price of 93 euros on Thursday, and its market value is 85 billion euros. The share price, which fell to 91 euros during the day, made the company the most expensive company in Europe.
Porsche named the most expensive automaker in Europe
Porsche’s share price recovered after the investment banks involved in its IPO bought shares for 312.8 million euros. The company’s listing was supported by investment banks that bought about 3.8 million shares.
A Volkswagen spokesman said that the shares acquired between September 29 and October 4 represent approximately 11 percent of the total trading volume since the listing and amount to 34 million shares. In a statement on the matter, a Volkswagen spokesman said: “The inflation data announced in Europe and the United States have caused the latest concerns about energy supply in Europe to intensify. Companies have started taking small measures against fluctuations in the stock market.” made statements.
Having lost the first place to Porsche, Volkswagen Group has a market value of 77.7 billion euros. The third place in the list is occupied by Mercedes-Benz with 57.2 billion euros.
Porsche, the fifth most valuable company listed on the German stock exchange after Linde, SAP, Deutsche Telekom and Siemens, is now the 25th most valuable company in Europe. Bank of America announced on Wednesday that it had acquired Porsche shares at a price of 81 to 82.50 euros, compared to the original issue price of 82.50 euros.
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