Volkswagen CFO Reasons Why It Seeks To Pursue Porsche IPO Amid Market Volatility

  • Volkswagen AG VWAGY continues to strive for an initial public offering (IPO) for Porsche in the fourth quarter amid market volatility, Reuters reports.
  • "We are optimistic we can pursue this project in the fourth quarter," CFO Arno Antlitz said at the Reuters Automotive Europe conference in Munich. "Porsche would gain entrepreneurial freedom, we can expect a lot from them."
  • Antlitz assured plenty of investor appetite and capital available for an IPO.
  • Volkswagen is also amid an expensive transition to electric vehicles akin to its peers.
  • Volkswagen and others committed over $700 million to boost U.S. manufacturing capacity for EV chargers.
  • Recently Volkswagen agreed to settle Porsche buyers' complaints against emission norms for a minimum penalty of $80 million.
  • The leading U.S. indexes are down by over 20% from their high YTD amid rising inflation, rate hikes, and recession concerns.
  • Price Action: VWAGY shares traded higher by 1.01% at $19.54 in the premarket on the last check Wednesday.
  • Photo via Wikimedia Commons

Posted In: BriefsNewsIPOsTechMedia

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