News: Unstoppable Volkswagen shares eye best week ever in EV frenzy.
(Reuters) – Germany’s Volkswagen stocks rose on Thursday, heading for a fourth daily rise and their best week ever, as investors welcomed their plans to overtake Tesla in the electric car market.
The rise has raised the market value of Volkswagen to over 160 billion US dollars, lured institutional and private investors around the world and made the automaker the largest company in the DAX benchmark, ahead of the software group SAP.
Volkswagen’s major stocks were up 4.6% from 0831 GMT and 27% from the week.
The less liquid common stock gained 9.3% and 46.5% over the week. This was the best run since Volkswagen’s short squeeze in 2008.
Reporting by Danilo Masoni in Milan; Adaptation by Jason Neely
Original Source © Reuters