Volkswagen's shares surged as much as 53 per cent yesterday, extending recent strong gains. However, the shares then succumbed to gravity in late trading to close 2 per cent down.
In spite of the late fall, VW is now worth more than Daimler, BMW, General Motors, Ford, Fiat, PSA Peugeot Citro?n, Renault, Mitsubishi and Hyundai combined. VW has a market capitalisation of €94.5bn compared with Toyota's Y12,792bn (€92bn).
Traders and investors said the rise in VW – as well as a 27 per cent leap on September 18 and other increases in the recent falling markets – was due to a squeeze when hedge funds were forced to cover short positions.
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