A week after a successful public listing, ringing the bell at the Frankfurt Stock Exchange as Europe’s largest IPO by market capitalization, Porsche Group can add another title to its trophy case. Despite an initial fall earlier this week, Porsche’s shares rose on Thursday to give it a market valuation of €84 billion, thus overtaking its former parent company Volkswagen Group as the most valuable in Europe.
Up until its recent public listing, Porsche has existed as part of the Volkswagen Group, which saw an executive shakeup this past July when then CEO Herbert Diess stepped down to be replaced by the CEO of Porsche Group, Oliver Blume.
Since then, the market has been keeping a close eye on VW Group to see if it would go through with the public listing of Porsche, a strategy the German automotive company has been teasing for quite some time now.
Before the IPO, Porsche’s valuation was fluctuating quite a bit during a period of uncertainty in Europe surrounding supply chain issues and inflation. Despite these poor market conditions, Volkswagen Group proceeded with the listing, helping Porsche group garner the top end valuation of its now former parent’s guidance, around $73 billion. As a result, the German automaker received about €9.6 billion ($9.37 billion) in proceeds.
Although the market dipped shortly after that, it has bounced back, skyrocketing Porsche up to an even higher valuation. As a result, Porsche has dethroned Volkswagen Group as the automotive leader in Europe.
Latest Porsche valuation sits at €84 billion
On Thursday, Porsche shares rose to €93 ($91.95), boosting the German automaker’s valuation up to a beefy €85 billion ($82.9 billion). Later in the day, shares leveled at €91.04, setting Porsche’s valuation comfortably just below €84 billion.
Part of the reason for Porsche’s tremendous bounce back was thanks to investment banks that purchased nearly 3.8 million shares totaling €312.8 million – part of the “greenshoe option” intended to specifically support the young listing.
The shares purchased between September 29 and October 4 represented roughly 11% of the total trading volume since the listing, which is around 34 million shares. Via the greenshoe option, as many as 14.85 million shares worth a total of €1.2 billion will be available in these four weeks following the listing as a stabilization measure. It appears to be working quite well so far.
Even with the dips, Porsche remains significantly more valuable than Volkswagen Group, which is currently valued at €77.7 billion ($75.9 billion). Porsche Group now leads a pack of automakers in Europe that are all household names, and a majority of them are rooted in Germany.
Porsche Group – €84 billion
VW Group – €77.7 billion
Mercedes-Benz – €57.2 billion
BMW – €47.5 billion
Stellantis – €39.7 billion
In addition to becoming the most valuable automaker in Europe and 25th most valuable stock overall, Porsche’s current valuation slots it in as the fifth-most valuable company in all of Germany. Time will tell if the German automaker can keep this momentum in a rather volatile market and maintain its current crown. We think an all-electric 911 could certainly help please investors, but that’s just our opinion.
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Another electric Jeep SUV is almost here. With its official debut just around the corner, Jeep’s new Recon EV was spotted charging in production form, giving us our best look at the Wrangler-inspired SUV. Will the Recon live up to its legendary predecessor?
With its first all-electric luxury SUV, the Wagoneer S, arriving at US dealerships any day, we are already getting a look at Jeep’s next EV.
The Recon is Jeep’s second global electric SUV. It was first unveiled in 2022 alongside the Wagoneer S and Avenger as part of its new EV lineup. The Avenger was launched in early 2023 in Europe, but it’s not expected to arrive in the US.
While Jeep is preparing for the first Wagoneer S deliveries in the US, many are even more excited for its next electric SUV.
Although we’ve seen the Recon several times as it inches closer to its official debut, the most recent image reveals the electric SUV in production form.
After introducing the concept, Jeep claimed the rugged EV was still built to conquer any terrain but with zero tailpipe emissions. Perhaps even better, it can do it in near silence.
Jeep says the Recon is “inspired by the legendary Wrangler.” It will feature similar options like removable doors and windows.
Jeep’s Recon EV sheds camo charging ahead of launch
Jeep’s former CEO, Christian Meunier, said the Recon EV could tackle the “mighty Rubicon Trail.” For those unfamiliar with the Rubicon, it’s considered one of the most challenging off-road trails in the world. The rocky terrain, narrow paths, and steep hills make the Rubicon tough for even the most seasoned off-road warriors.
The new image from Kindelauto finally reveals the Jeep’s Recon EV in production form while charging at an EVgo station.
As the electric SUV progresses, it looks more and more like a Ford Bronco. The Recon’s rugged, boxy exterior remains close to the concept.
Earlier this month, we got our first look at the interior. The folks at JeepReconForum spotted a prototype in Michigan with the interior almost completely uncovered. You can see a large infotainment at the center with a smaller driver display screen next to it.
The photos also showed that it included Jeep’s signature Selec-Terrain system. You can see “Rock” and “Mud” modes on the traction interface system, while other options like Snow, Sport, and Tow are expected to be included.
Interestingly, the display screen shows a 147-mile range remaining at 66% charge, suggesting a range of around 223 miles.
With the Wagoneer S expected to have a range of over 300 miles, the Recon should provide a similar range based on the same STLA Large platform.
The Wagoneer S will begin arriving at US dealerships in January 2025, starting at $71,995. Jeep launched the electric SUV’s first marketing campaign earlier this week, proving that “Beautiful Things Can Still Get Dirty.”
Jeep’s Recon EV is expected to officially debut in early 2025. Although prices have yet to be confirmed, it’s expected to start at around $60,000. More premium trims, like the Rubicon, could cost upwards of $80,000.
Source: Kindelauto
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In January 2023, Tesla announced an expansion of Gigafactory Nevada to build the Tesla Semi in volume.
However, more than a year later, we hadn’t heard much about the effort.
Earlier this year, Tesla finally started to move some dirt and get some construction going at the site of the new factory. It sounded like plans changed and instead of expanding the existing Giga Nevada as originally planned, Tesla started building a new factory next to the existing one.
Now, right before the end of the year, Tesla released an update on the progress at the plant (via Dan Priestley, head of the Tesla Semi program, on X):
Yesterday, Semi Factory Nevada topped off the main area of the building with the last major piece of structural steel! Fantastic design and execution by this construction team and our contractor partners with focus on safety and efficiency. This factory is going to rock!
He shared a few pictures:
The structure came together rather quickly, but there’s still more work to be done until Tesla can achieve production.
Tesla aims to set up the factory throughout 2025 and bring the Tesla Semi to production on the new lines by the end of the year.
Vietnamese automaker VinFast is pulling a late demand lever in 2024 to entice US customers to get behind the wheel of its VF 8 SUV. Designed for SUV-loving families in the US, the VinFast VF 8 is now available to lease for well under $300 a month with $0 down.
The VF 8 is VinFast’s ($VFS) flagship EV, hitting the US market two years ago as a 2023 model. We drove the VF 8 early on, and it was fine, but there were some clear bugs that needed to be sorted out. We noted that 2024 would be a pivotal year for the Vietnamese automaker looking to raise revenues and make up for missed delivery targets in 2023.
Although it faced early software hiccups, VinFast pushed forward to get more of its VF 8 SUVs on US roads, pulling demand levers while expanding its stateside dealer network. Today, VinFast has announced an enticing new lease program for the VF 8 that requires $0 down at signing.
Source: VinFast.com
VinFast is offering a VF 8 lease for $279/month
VinFast published a press release today that is more of a love letter to its flagship VF 8 SUV, which includes a little tidbit about a new lease deal. Once you get through the paragraphs of the Vietnamese automaker shilling its innovation and nod to its spot on TIME’s 2024 list of influential companies, there’s a juicy little bonus for any customers interested in a super cheap EV lease from a relatively unknown and unproven automaker.
VinFast hailed its new VF 8 lease offer as one of the most competitive in the US, and that’s hard to argue. Right now, you can lease a base-level ECO trim of the SUV for $0 down and $279 a month thereafter. The VinFast VF 8 lease term is 24 months and includes 10,000 miles a year.
Note that VinFast does not have showrooms in all 50 states yet, so if interested, it’s best to see if the VF 8 and subsequent lease are even possible in your area. What do you think? Would you test out a VF 8 for two years and save some green?
Electrek’s take
The value of this lease offer for a VF 8 from VinFast can’t be denied, but it’s still a tough sell for a number of reasons. As someone who has driven the VF 8, I think it’s more than adequate and can do the job for many people, especially those new to EVs who don’t have anything to compare it to.
My first ride was far too early on in the development process, and there were too many issues for me to forget, so I’d personally pass on this offer. However, VinFast has done a lot of work to resolve those software issues for other consumers.
I still think the biggest hurdle here is brand awareness. The average US consumer has no idea VinFast exists and is not seeking out more information on it to perhaps stumble upon this VF 8 lease deal. It’s a steal for those who are aware of the brand and feel comfortable committing to two years of driving one, but that feels like a niche segment in an already small market sample.
I also think this demand lever shows evidence that VinFast is not making the impact on the US market it had hoped with the VF 8. I’ll be interested to see where their 2024 financials land and how those compare to a year ago, when deliveries were lower than expected. We will keep an eye on that and report back.
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