Porsche
Porsche has announced that its shares are now part of the German DAX, which is a group of the 40 largest stocks on the Frankfurt Stock Exchange.
Porsche made its share offer less than three months ago, and it was an immediate huge success, swelling rapidly to more than €100 ($105) per share from its introductory price of €91 ($96) per share, despite the current adverse macroeconomic conditions. The stock has been added to the DAX, a group of the top 40 "leading" stocks on the Frankfurt Stock Exchange.
Speaking about this achievement, Porsche CEO Oliver Blume said: “We are delighted and proud to have quickly entered the top 40 companies in Germany. Our rapid entry into DAX shows that investors around the world have confidence in our attractive business model and the capabilities of our company.”
Although it may not have been a stellar performance, Porsche shares have weathered the storm of the economic crisis, better than most, likely indicating that investors see the company as a strong bet to move into an electric future.
At the same time, Porsche's announcement of a new electric model and its continued growth in Taycan production were positive signals for the historic German company.
Other auto stocks have not been so lucky, and Tesla is perhaps the worst example, losing more than 30% of its share price over the past month and more than 60% a year ago.
It should be noted that DAX includes the elite and most influential German companies on the stock exchange there, led by Adidas, Volkswagen, Airbus, Daimler, DHL, and other powerful international companies.
