For as long as I’ve been writing about Volkswagen AG, the German carmaker’s lousy stock-market valuation has been a topic of conversation that doesn’t lead anywhere.

In a normal year VW sells more than 10 million vehicles and has a stable of prestige brands that would be the envy of any motoring enthusiast. Yet its market capitalization is just 90 billion euros ($109 billion), a fraction of Tesla Inc.’s.

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.