'Do not be surprised if Porsche soon trades at Tesla-like valuations,' one investor said.
Luxury automaker Porsche's market cap raced past its former parent company Volkswagen Group's a week after its stock market debut. Shares in Porsche AG closed more than 10% higher at the end of its first week of trading, valuing the company at 82.65 billion euros — making it Europe's most valuable car maker. Volkswagen , which sold 25% of Porsche, was valued at 79 billion euros.
"Do not be surprised if Porsche soon trades at Tesla-like valuations since Porsche's electrification plan for its hot-selling Macan EV is expected to be an instant success," the fund manager, who oversees $1 billion in assets, said. Porsche AG — the spun off carmaker — is not to be confused with Porsche SE, the holding company for the Porsche family, which owns 31.4% equity in Volkswagen and 12.5% in Porsche AG.
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