Business

Unstoppable Volkswagen shares eye best week ever in EV frenzy

(Reuters) – Shares in Germany’s Volkswagen were up on Thursday and on course for a fourth daily rise and their best week ever as investors cheered its plans to overtake Tesla in the electric car market.

The surge has lifted Volkswagen’s market value above $160 billion, luring institutional and retail investors globally and making the carmaker the biggest company of the DAX benchmark index ahead of software group SAP .

Volkswagen’s main shares were up 4.6% by 0831 GMT and up 27% on the week.

The less liquid ordinary stock was up 9.3% and up 46.5% on the week in its best run since Volkswagen’s short squeeze in 2008.

(Reporting by Danilo Masoni in Milan; editing by Jason Neely)

Read the original article on Business Insider

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