Daily Auto News
Volkswagen does know what the people want, apparently. The company behind the iconic Beetle is now the world’s largest company. The moment may not last long, however.
MarketWatch explains, “Volkswagen’s massive stock price surge has briefly let Europe’s top automaker to stake the claim as the world’s largest company by market capitalization, passing oil giant Exxon Mobil.” The company’s value climbed rapidly this week “after Porsche Automobil Holding announced over the weekend that it would seek a 75% stake” in VW. The company has had a successful year. “Volkswagen last week said nine-month deliveries edged up 3.9% to 4.8 million vehicles, picking up market share vs. rivals.” But with the automotive market suffering a near-collapse this year, the huge gain is almost certainly an illusion caused by Porsche’s takeover move.
Jalopnik comments, “We’re expecting the price to come back down to earth shortly.”
Research the best cars from VW with U.S. News’ car rankings and reviews.
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