Porsche shares rose to their highest level in five weeks

Article by Christian A., on August 29, 2010

As Volkswagen AG is tossing around the idea of appointing its chief product strategist Matthias Mueller to run Porsche, its shares have risen to their highest level in five weeks.

This Bloomberg News report cited two insider sources who asserted that the transfer of Mueller would be part of a bigger reshuffling in which current Porsche CEO Michael Macht becomes the VW group's production head.

A merger between Volkswagen and Porsche is expected to be completed next year. Currently, the two companies are discussing their future model strategy. In the medium term, Porsche will be expanding its offerings to hit its target of doubling deliveries to 150,000 vehicles.

Aleksej Wunrau, an analyst at ING BHF-Bank AG in Frankfurt, considers this a good move, adding that Macht is perceived to be capable of running a cost-efficient strategy for VW's luxury brands Audi, Porsche and Bentley. Porsche rose by up to 6.1% to 37.19 euros in Frankfurt on Monday, the highest level since May 19. The stock traded 5.1% higher at 36.84 euros as of 4:53 p.m.

These sources also said that Macht's decade-long experience in running production at Porsche is what convinced VW CEO Martin Winterkorn that he is a good choice to replace Jochem Heizmann.

But although Mueller is the no. 1 choice to succeed Macht as CEO of Porsche's carmaking operations, a final decision on the changes has yet to be made. Last week, holding company Porsche SE improved its full-year forecast after sales beat analysts' estimates with the success of the new Panamera sedan.

Topics: porsche, shares

If you liked the article, share on:

Comments

Recommended

Ever since the Regera premiered in 2016, Koenigsegg has been firm about increasing its coverage around the globe. Part of the idea was to ask its employees in Angelholm to...
by - February 21, 2017
There is no harm in admitting that both the conventional and the hybrid versions of the Lexus LC 500 are real stunners when it comes to its exterior styling. Even...
by - February 21, 2017
Jaguar is placing three new Ingenium engines on the F-Pace crossover, XF saloon and XE sedan for the 2018 model year. According to Jaguar’s recent announcement, the updates will also...
by - February 21, 2017
After Volkswagen snagged Toyota’s crown as the world’s best-selling automaker, there’s no stopping the Japanese manufacturer from dominating the hybrid arena. As of January 31st , Toyota’s increasing global unit...
by - February 21, 2017
There is no denying that the performance versions of the Jaguar F-Type and the Land Rover Range Rover are definitely hot – both in terms of looks and road dynamics....
by - February 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries