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VW Finance Chief Outlines Road Map for $222 Billion Ambition
- Internal newsletter urges managers to help double share price
- Stock could be used as currency for technology dealmaking
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Days before production starts on Volkswagen AG’s cornerstone electric vehicle, the German manufacturer is stepping up a campaign 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, Chief Financial Officer Frank Witter prodded managers to get behind a goal to reach a valuation of 200 billion euros ($221 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.