Volkswagen overtakes SAP to become Germany's most valuable blue-chip
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[FRANKFURT] Volkswagen overtook software maker SAP on Wednesday as the most valuable company in Germany's blue-chip DAX index, as investors warm to the carmaker's plans to take on Tesla .
Volkswagen shares rose as much as 12 per cent giving the company a market valuation of more than 136 billion euros (S$218 billion), compared with SAP's 127 billion.
Volkswagen shares have gained 47 per cent year-to-date, supported by a raft of announcements on its electric vehicle expansion strategy, which culminated in a "Power Day" this week including plans to build six gigafactories in Europe by 2030.
Chief executive Herbert Diess said on Tuesday he thought Volkswagen, the world's second-largest carmaker after Toyota, was worth 200 billion euros, still a far cry from Tesla's US$650 billion market value.
REUTERS
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