Image credits: AFP

Porsche will be listed on the stock exchange before the end of the year

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The world's second largest automobile group, Volkswagen, approved this Monday (5) the listing of its subsidiary, Porsche, despite the tense situation in international markets. The listing is expected "by the end of the year", according to a statement from the German group's two decision-making bodies.

The German manufacturer had presented its project in February this year, coinciding with the first day of the Russian invasion of Ukraine.

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The economic consequences of the offensive, especially on the stock markets, had cast doubt on the luxury sports vehicle brand's listing schedule.

The company, whose headquarters are in Zuffenhausen, near Stuttgart (southwest), is valued at between 60 and 85 billion euros or dollars, according to the news agency Bloomberg.

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By giving up part of its control over Porsche, Volkswagen will be able to obtain the billions needed to finance its investments in electric, connected and autonomous vehicles.

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(with AFP)

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