Skip to main content

Porsche to IPO in landmark listing Thursday

Porsche plans to go public on Thursday at a $73 billion valuation, catapulting the company to become the world’s fourth-most valuable automaker and netting billions of dollars for parent company Volkswagen to advance its drive toward electric vehicles.

The initial public offering for Porsche AG on the Frankfurt Stock Exchange values the brand at $79 a share in one of Europe’s largest-ever listings. Volkswagen, Europe’s biggest carmaker, is poised to receive more than $9 billion for its stake, positioning it to challenge Tesla for the EV crown.

The juggernaut is poised to overtake Tesla in EV sales in 2024, according to an analysis by Bloomberg Intelligence. Volkswagen set a goal for EVs to comprise a quarter of its sales by 2026, assisted by the launch 16 battery-electric models, including the Audi A4 e-tron, Audi A6 e-tron and Volkswagen ID. Buzz van. Proceeds from the IPO could help fund the $50 billion Volkswagen plans to invest in electrification over the next five years.

The robust share price indicates investor confidence in Porsche, poised to become the fourth-largest automotive company by valuation after Volkswagen, Tesla and Toyota, even as the economy slumps toward a recession. The offering fetched a high share price given that the company issued only 911 million shares, a nod to its flagship model.

Still, Porsche generates close to a quarter of Volkswagen’s operating profit, a potential loss for VW as rising costs, supply-chain constraints and inflation begin to plague the industry and threaten to clip sales.

Porsche has made several moves toward going green, including investing in efuels, building a network of Porsche-branded charging stations in Europe and taking its iconic Porsche 718 roadster electric by 2025. Its Taycan EV has eclipsed the 911 in sales, fueling Porsche’s plans to electrify 80% of its portfolio by 2030.

Porsche to IPO in landmark listing Thursday by Jaclyn Trop originally published on TechCrunch



source https://techcrunch.com/2022/09/28/porsche-to-ipo-in-landmark-listing-thursday/

Comments

Popular posts from this blog

Apple’s AI Push: Everything We Know About Apple Intelligence So Far

Apple’s WWDC 2025 confirmed what many suspected: Apple is finally making a serious leap into artificial intelligence. Dubbed “Apple Intelligence,” the suite of AI-powered tools, enhancements, and integrations marks the company’s biggest software evolution in a decade. But unlike competitors racing to plug AI into everything, Apple is taking a slower, more deliberate approach — one rooted in privacy, on-device processing, and ecosystem synergy. If you’re wondering what Apple Intelligence actually is, how it works, and what it means for your iPhone, iPad, or Mac, you’re in the right place. This article breaks it all down.   What Is Apple Intelligence? Let’s get the terminology clear first. Apple Intelligence isn’t a product — it’s a platform. It’s not just a chatbot. It’s a system-wide integration of generative AI, machine learning, and personal context awareness, embedded across Apple’s OS platforms. Think of it as a foundational AI layer stitched into iOS 18, iPadOS 18, and m...

The Silent Revolution of On-Device AI: Why the Cloud Is No Longer King

Introduction For years, artificial intelligence has meant one thing: the cloud. Whether you’re asking ChatGPT a question, editing a photo with AI tools, or getting recommendations on Netflix — those decisions happen on distant servers, not your device. But that’s changing. Thanks to major advances in silicon, model compression, and memory architecture, AI is quietly migrating from giant data centres to the palm of your hand. Your phone, your laptop, your smartwatch — all are becoming AI engines in their own right. It’s a shift that redefines not just how AI works, but who controls it, how private it is, and what it can do for you. This article explores the rise of on-device AI — how it works, why it matters, and why the cloud’s days as the centre of the AI universe might be numbered. What Is On-Device AI? On-device AI refers to machine learning models that run locally on your smartphone, tablet, laptop, or edge device — without needing constant access to the cloud. In practi...

Max Q: Psyche(d)

In this issue: SpaceX launches NASA asteroid mission, news from Relativity Space and more. © 2023 TechCrunch. All rights reserved. For personal use only. from TechCrunch https://ift.tt/h6Kjrde via IFTTT