Prices of Volkswagen shares have soared after its ‘Power Day’ and the detailing of its plans to become the world’s largest seller of electric vehicles by 2025.
Volkswagen’s American depositary shares (VWAGY) jumped by almost 30 per cent yesterday and have soared from $27.77 on Friday, March 12 to $42.33 at the close of trade on Wednesday, March 17. Yahoo Finance notes that the automaker’s common shares up now up almost 70 per cent this year.
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The soaring share prices has seen VW add about €36 billion ($43 billion) to its valuation and comes shortly after the brand said it expects to deliver more than 450,000 electric vehicles in 2021, more than double its 2020 total and on target for its ultimate goal of selling 3 million electric vehicles in 2025. Delivering more than 450,000 EVs this year would also put VW within striking distance of Tesla, which delivered 499,550 vehicles last year.
Key to VW’s expansion into the EV space is the arrival of the ID.4 which will begin reaching the hands of European customers this month before landing in China and the United States.
Earlier this week, VW also revealed that it will develop and produce batteries at six new gigafactories throughout Europe, reducing its reliance on outside suppliers. The automaker is also planning to expand fast-charging networks throughout Europe, North America, and China.
