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Reuters

Volkswagen overtakes SAP to become Germany's most valuable blue-chip

FILE PHOTO: A technical employee works at the production line for the electric Volkswagen model ID. 4, in Zwickau, Germany, September 18, 2020. REUTERS/Matthias Rietschel

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%, giving the company a market valuation of more than 136 billion euros ($162 billion), compared with SAP's 127 billion.

Volkswagen shares have gained 47% 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 $650 billion market value.

($1 = 0.8401 euros)

(Reporting by Christoph Steitz, Alexander Huebner and Hakan Ersen. Editing by Mark Potter)

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