Volkswagen is worth 200 billion euros, CEO Diess says

FRANKFURT (Reuters) - Volkswagen, the world's No.2 carmaker, is worth 200 billion euros ($238 billion), Chief Executive Herbert Diess, confirming a previously stated target on the back of a 38% share price increase so far in 2021.

"Analysts, too, arrive at the conclusion that the sum of the parts has that value," Diess told Reuters following the group's annual news conference.

Shares in Volkswagen, which owns the Audi and Porsche brands, rose as much as 8.4% on Tuesday to their highest level since July 6, 2015, giving the carmaker a current market valuation of more than 120 billion euros.

Tesla, which only sells a fraction of the cars compared to its German rival, has a current market value of about $680 billion.

"We have shown that we are not to be underestimated with regard to the new areas of business. We are a serious player and have the resources to be a part of the new game."

($1 = 0.8391 euros)

(Reporting by Jan Schwartz and Christoph Steitz; Editing by Riham Alkousaa)