VW passes Toyota to top spot

FT Oct 8 2008
German carmaker biggest by market cap
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Surge in shares linked to hedge fund covering
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Volkswagen has overtaken Tokyota as the world's largest carmaker by market capitalisation afer an extraordinary scramble(這い上がる） by hedge funds to cover positions betting on a share price fall in the German comapny.
VW's shares surged as much as 55% yesterday.
However, the shares then succumbed(負ける） to gravity（重力） in late trading to close 2 per cent down.
VW has a market capitalisation of 94.5euro bn compared with Toyota's(92euro bn) Y12,972bn.

Porsche, the German sports carmaker, owns 35 per cent of VW and intends to raise that to more than 50 per cent by the end of next month.