Volkswagen’s Emergence as the Foil to Tesla in Five Stock Charts

Bloomberg2021-03-24

VW shares benefit from investor embrace of EV strategy Furious rally sparked a huge divergence in two share classes What a month for Volkswagen AG: The shares have soared the most in more than a ...

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Comments

Tony0623
2021-03-24
Tony0623
good
Investorpw
2021-03-24
Investorpw
Good fight
XiaTian
2021-03-24
XiaTian
[微笑]
rDj
2021-03-24
rDj
Like and comment pls
- xeige:
  yep
- Qarah:
  Done
max941
2021-03-24
max941
Wow

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Chief Executive Officer Herbert Diess made a series of announcements on his strategy to beat his California-based rival, emulating his counterpart at Tesla, Elon Musk. In return, VW common shares picked up a bit of Tesla’s cult status, soaring 60% so far this month.\nHere are five charts that tell the story:\n\nWith the gain came a stark disconnect between the two share classes: the common, which carries voting rights, and the preferred, which doesn’t. The common soared far more than the more actively traded preferred, so that at one point a common share fetched 327.20 euros while a preferred was priced at only 223.05 euros. A gap that wide -- for two securities that basically convey the same economic stake in the company -- hasn’t been seen since Porsche SE’s ill-fated effort to take over VW in 2008 sparked massive purchases of the common stock.\n\nOne explanation is that U.S. retail investors were jazzed by the EV prospects and poured money into VW without understanding the difference between the two classes. U.S.-traded depositary receipts are available for both, and ADRs linked to the more illiquid common shares have been far more active than those linked to preferred shares.\nNormally, arbitrageurs would close the gap by selling short the common and buying the preferred, but that trade is hard to implement, given that Porsche and two other big investors hold more than 90% of the common shares, making them difficult to borrow. And that 2008 short squeeze is always in the back of traders’ minds.\n\nSell-side analysts tracked by Bloomberg factored the new prospects for the company’s EV plans into their models, leading to the average price target rising alongside shares. Yet for the moment only about 7.7% upside is left in the preferred stock if the 12-month average target is any guide. Hence, no surprise that the number of analysts rating the stock a buy is right where it was when the rally began.\n\nVW is a giant compared to Tesla when it comes to sales volume. The German carmaker sold more than 9 million cars last year versus just half a million for Tesla. And while VW is still trailing Tesla in terms of EV sales, the gap is closing fast with Volkswagen accelerating its growth from the low base. 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fight&nbsp;","listText":"Good fight&nbsp;","text":"Good 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and comment pls","listText":"Like and comment pls","text":"Like and comment 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