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.
The company’s target, Tesla, went through a period of trading volatility earlier in March as investors feared over-valuation, but its stock price has since largely stabilized.