Porsche markster5/7/2023 Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Oliver Blume took over as VW’s CEO earlier this month. It’s described previously having a backlog of electric vehicle orders in Western Europe, and plans to phase out gas-powered vehicles from its US lineup in the next decade. The automaker has said it wants a quarter of its sales to be electric vehicles by 2026. Its strategy is typical of the auto industry, which is shifting to electric vehicles. The German automaker plans to spend more than $7 billion over the next five years to boost research and development and manufacturing in North America. The rest will be used to help VW build electric vehicles. Nearly half the IPO proceeds will be distributed to shareholders, the company said in a statement. Shares in Volkswagen were down 5.6% on Thursday morning amid broader market volatility. Other luxury automakers, including Lamborghini and Bentley, have continued to post record sales despite economic headwinds thanks to their well-heeled clientele. VW has pushed ahead with the Porsche IPO even with a volatile stock market and uncertain economy. The publicly traded company will still be majority owned by Volkswagen and the descendents of Ferdinand Porsche, the inventor of the original Beetle. It is also Europe’s third-largest on record, Reuters said, citing Refinitiv data. That make Porsche’s IPO the second-largest in Germany’s history, Reuters reported. The issue price was at the top end of Volkswagen’s original price estimate, and values the company at roughly €75 billion ($73 billion). The shares traded at around €85.50 on Thursday morning after earlier hitting €86.78. Volkswagen priced the Porsche initial public offering (IPO) at €82.50 ($80) a share, raising approximately €9.4 billion, on Wednesday. Shares of Porsche gained as much as 5% on their stock market debut in Frankfurt after Volkswagen spun out the premium sports car maker in one of Europe’s biggest listings on record.
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