VW ejected from European blue-chip index in blow to crisis-hit carmaker

Volkswagen has been removed from the Euro Stoxx 50 for the first time in 15 years, marking a major blow to the crisis-hit German carmaker. The Wolfsburg-based company's shares have fallen more than three-quarters from their 2021 peak to about a 16-year low, prompting the index reshuffle by provider Stoxx. The departure highlights challenges facing Europe's auto sector, including competition from lower-cost Chinese rivals and skepticism over VW's restructuring plan involving 100,000 job cuts.

"The whole sector is depressed given the seemingly existential risks it is facing," said Michael Tyndall, senior global autos analyst at HSBC. Analysts warn that VW's removal could further depress its share price as exchange traded funds tracking the index sell their stakes. Stoxx reports 30 ETFs with a combined value of €59bn replicate the Euro Stoxx 50, along with over 110,000 structured products.

VW stated that index inclusion does not alter fundamental strength and that the group remains an attractive investment despite the automotive industry's most significant transformation. The company recently announced a surprise deal with unions to slim down operations, though shares fell 8.3% after a profit warning citing a €6bn writedown on its Porsche stake and continued downturn in China.

Replacements include Nokia and French utility Engie, while Ferrari, BMW, and Mercedes-Benz remain the only car stocks in the index.

Volkswagen15年来首次被剔除出Euro Stoxx 50，这对这家陷入危机的德国汽车制造商构成重大打击。这家总部位于Wolfsburg的公司的股价已从2021年的峰值下跌逾四分之三，至约16年低点，促使指数提供商Stoxx调整指数成分。此次退出凸显了欧洲汽车板块面临的挑战，包括来自成本更低的中国竞争对手的竞争，以及市场对VW涉及裁员100,000人的重组计划的疑虑。

“鉴于该行业似乎面临生存风险，整个行业都陷入低迷，”HSBC高级全球汽车分析师Michael Tyndall表示。分析师警告称，随着追踪该指数的交易所交易基金卖出其持仓，VW被剔除可能会进一步压低其股价。Stoxx报告称，有30只ETF复制Euro Stoxx 50，合计价值为€59bn，此外还有超过110,000种结构性产品。

VW表示，是否被纳入指数不会改变其基本面实力；尽管汽车行业正经历最重大的转型，该集团仍是一项有吸引力的投资。该公司最近宣布与工会达成一项出人意料的协议，以精简运营，不过在发布盈利预警后，其股价下跌8.3%；该预警提及对其Porsche持股计提€6bn减值，以及在中国市场的持续低迷。

替代者包括Nokia和法国公用事业公司Engie，而Ferrari、BMW和Mercedes-Benz仍是该指数中仅有的汽车股。

关键实体：公司：Volkswagen、Stoxx、HSBC、Stellantis、Nokia、Engie、Porsche、Traton、Ferrari、BMW、Mercedes-Benz | 人物：Olaf Storbeck、Kana Inagaki、Michael Tyndall、Simon Jäger | 地点：Frankfurt、London、Wolfsburg、US、Europe、China