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.

VW shareholders have become resigned to nothing much changing: The Porsche/Piech families, the State of Lower Saxony and the trade unions who together call the shots at VW are skeptical of radical moves. They listed a small stake in truck unit Traton SE but couldn’t bring themselves to part with Italian motorbike brand Ducati, for example.