OLIVER BLUME

Investors eager to get slice of luxury automaker, boosting its stock in first day as a public company.

Volkswagen plans to use use the money to invest in software and electric vehicles as global auto industry shifts its focus to the energy transition. Volkswagen CEO Oliver Blume, who kept his earlier role as head of Porsche, will continue in that dual role. Under the offering, 12.5% of Porsche was sold to investors in the form of non-voting shares. Volkswagen took over Porsche in 2012 after Porsche made a failed bid for Volkswagen and wound up laden with debt. Total proceeds from the sales of the two blocks of shares totaled 19.5 billion euros.

Shares in luxury automaker Porsche have risen on their first day of public trading.

The transaction values Porsche as a whole at around 75 billion euros, compared with 86 billion euros for all of Volkswagen, including Porsche and its nine other auto brands, before the deal. While Wolfsburg-based Volkswagen will remain the majority shareholder in Porsche and the companies' industrial cooperation will continue, the sale is intended to give Porsche more autonomy. Volkswagen CEO Oliver Blume, who has kept his earlier role as head of Porsche, will continue in that dual role. Under the offering, 12.5% of Porsche is being sold to investors in the form of non-voting shares. Volkswagen took over Porsche in 2012 after Porsche made a failed bid for Volkswagen and wound up laden with debt.

Stadler said Volkswagen was also likely mindful of the successful 2015 offering of a minority stake in luxury carmaker Ferrari. The transaction values Porsche as a whole at around 75 billion euros, compared with 86 billion euros for all of Volkswagen, including Porsche and its 11 other brands, before the deal. Under the offering, 12.5% of Porsche is being sold to investors in the form of non-voting shares. As part of the transaction, another 12.5% plus one share in voting shares is being purchased at a 7.5% premium by Porsche Automobil Holding SE, representing the Porsche and Piech families, descendants of automotive pioneer Ferdinand Porsche. Volkswagen took over Porsche in 2012 after Porsche made a failed bid for Volkswagen and wound up laden with debt.

German automaker Volkswagen is holding a share offering for a minority stake in its luxury division, Porsche.

Herbert Diess’s ouster shows where the power at VW lies — and it’s not with investors.

Volkswagen CEO Herbert Diess will be succeeded by Oliver Blume, who is now CEO of Porsche.

Herbert Diess, the Volkswagen CEO whose image had been tarnished in the fallout from the German automaker’s emissions-cheating scandal, is stepping down.

Volkswagen CEO Herbert Diess will leave the company at the end of August. Oliver Blume, currently Porsche's CEO, will replace him.

Porsche on Friday announced it expects 80% of its global sales to be all-electric vehicles by 2030.

The all-electric Porsche Taycan Turbo. Source: Porsche AGLuxury German automaker Porsche expects to significantly increase sales of all-electric vehicles in the coming years, but don't expect an EV version of its iconic 911 sports car anytime soon, if ever. Porsche CEO Oliver Blume said the 911 will be the "last Porsche which is going for full electrification," if it ever fully becomes an EV. A "major part" of Porsche's vehicle sales are expected to be all-electric by 2030, according to Blume. Twenty/20"Porsche aims to have a carbon neutral balance throughout the entire value chain by 2030," Blume said.

Porsche's chief executive warned on Monday that the German luxury automaker's daily operations could be affected over the coming months by a "very serious" global semiconductor shortage. "We could be affected every day, so we watch very deeply (over) the next days and months what we can do. His comments come after a sudden upsurge in global car sales late last year coincided with a shortfall of essential chip components. The supply shortages brought assembly lines of the chip-reliant car industry to a standstill and halted the production of hundreds of thousands of vehicles worldwide. Demand for these chips, or semiconductors, has soared during the coronavirus pandemic as consumers snapped up games consoles, laptops and TVs during a period of reduced mobility.

Every year, automakers unveil concept cars that are meant to offer a potential glimpse of the future in the form of new technology or a distinct stylistic direction. But not all concept cars end up seeing the light of day, as not every idea goes from concept to reality. Porsche chairman Oliver Blume said in a statement that such concept designs, whether they reach the public or not, "provide the pool of ideas for the Porsche design of tomorrow." The concept cars now reaching the public for the first time include an all-electric Porsche van and the Porsche 919 Street, a hypothetical version of the 24 Hours of Le Mans-winning race car that would be driven by amateurs. To launch the book, Porsche released images of models for three of the concept vehicles, the Porsche 919 Street, the Porsche Vision Spyder and the electric van concept, called the "Renndienst."

Oliver Blume, CEO of Porsche AG, presents the name of the company's first electric car as "Taycan", during the event "70 years of the Porsche sports car" at the Porsche Museum. "The (Porsche) sport car just got 70 years old last year ... but what you see is in the next seven years there will be more change than in the last 70, " said Anja Hendel, director of innovation management and digital transformation at Porsche. Speaking with CNBC's Matthew Taylor at the Innovfest Unbound conference in Singapore on Thursday, Hendel said Porsche faces "tremendous changes" in the years ahead. The sports car is expected to give Tesla a run for its money, or at least a run for its customers. Tesla sold 245,240 vehicles last year: 145,846 Model 3 sedans and a combined 99,394 Model S sedans and Model X SUVs.