Days before production starts on Volkswagen Group’s cornerstone electric vehicle, the ID3, the automaker is stepping up a push to more than double its market value and gain investor recognition for the industry’s most ambitious technology push.
In an internal newsletter sent last week, CFO Frank Witter prodded managers to get behind a goal to reach a valuation of 200 billion euros ($222 billion), arguing that a higher stock price will help VW keep pace with rivals and strengthen its hand in negotiations with future partners. Witter’s message confirms a goal reported earlier this month by Bloomberg.
