The future is traded on the stock market – and that is a significant problem for the established automakers, who have to put up with much lower valuations, while Tesla and other electric car startups are being thrown in new capital. In order to get fresh money in the coffers in this environment, Daimler has already decided to put its truck division on the stock exchange under the previous group name and to continue the car business as Mercedes-Benz. A similar step could soon be taken at Volkswagen as the most determined Tesla pursuer: According to several reports, a separate listing of the sports car subsidiary Porsche is being examined there.
Porsche relies on electric cars
First the German manager magazine reported on these considerations this week, later they were confirmed by other media from informed persons. According to this, up to 25 percent of the shares in Porsche could be sold in an IPO and bankers see the opportunity for VW to raise 20-25 billion euros. This estimate shows how paradoxical the stock market can be: It corresponds to a Porsche valuation of 80-100 billion euros – while the entire Volkswagen group is currently valued on the market at just 90 billion euros.
According to the Bloomberg news agency, the Porsche spin-off is no longer expected this year and it should not be certain yet. But observers were taken with this possibility. Porsche wants to have almost completely converted its program to electric cars (including plug-in hybrids) by 2030, with the exception of the ever more modernized classic 911, said a Bloomberg analyst. This allows the sports car manufacturer to achieve multiple ratings like Tesla – with profit margins like Ferrari.
Difficult structures at Volkswagen
However, Volkswagen CEO Herbert Diess and other top managers in their efforts to give the complex group a more capable structure have been thwarted several times by the owners (including the Porsche and Piech families and the State of Lower Saxony) or unions. According to Bloomberg, the Porsche CFO launched an IPO three years ago, only to be rejected by the headquarters. The niche brands Ducati and Lamborghini should also become independent. The Traton truck unit went public in 2019, but is also said to have almost been prevented by internal squabbles.