Porsche To Ipo In Landmark Listing Thursday
On Thursday, Porsche will make an announcement that it plans to take the company public with an estimated valuation of $73 billion.
This will make the company the fourth most valuable automaker in the world and give parent company Volkswagen billions of dollars to help it move toward electric vehicles.
In one of Europe's biggest listings ever, Porsche AG went public on the Frankfurt Stock Exchange. Each share of the brand was worth $79 at the time.
, which is the biggest car company in Europe, is set to get more than $9 billion for its stake. Volkswagen can now compete with Tesla for EV supremacy.
A study by Bloomberg Intelligence says that the
is likely to sell more electric vehicles than Tesla by 2024.
By the year 2026, Volkswagen hopes to have achieved its goal of having electric vehicles account for 25 percent of all of its sales.
The launch of 16 battery-electric models, such as the
Audi A4 e-tron, Audi A6 e-tron
, and Volkswagen ID, will help the company reach this goal.
The money from the IPO could help Volkswagen pay for the $50 billion,it plans to spend over the next five years on electric cars.
Porsche has taken a number of steps to become more environment friendly, such as investing in efuels and building a network of Porsche-branded charging stations in Europe.