It would be no surprise if the recent blockbuster float of electric truck-maker Rivian has also focused minds in Wolfsburg where VW is based. Despite not having a single vehicle on the road, the California start-up commands a $100bn valuation on Nasdaq. 

Although VW surrendered its crown as the world’s biggest carmaker to Toyota once again last year, it still made more than 9m cars and yet it is worth just $130bn.

A separation of Porsche will be a big moment. The bitter takeover saga that left VW in control has gone down in folklore. VW responded to what amounted to a hostile bid from Porsche by turning the tables and becoming acquirer.

But the shift to electric vehicles will be of a far greater magnitude. After responding slowly, carmarkers are now hurriedly staking their futures on electrification despite concerns over price, range, a reliance on rare earth materials, availability of batteries, and a lack of critical charging infrastructure.

The big question is whether the mass market carmakers possess the skills and know-how to make the transformation, or will the established names be forced to surrender their dominance to a new generation of more nimble tech-savvy electric-only rivals led by Tesla?

Union resistance will prove to be one of the biggest obstacles for VW. Boss Herbert Diess is a vocal proponent of rapid change and has angered labour unions, which hold four seats on the carmaker’s supervisory board, with a doom-laden prediction that the failure to speed up electrification will cost as many as 30,000 jobs, equivalent to one in every four in its home country.

The backing of Germany’s Porsche-Piech family is also crucial. Reports suggest they are prepared to see their grip on VW watered down in return for regaining control of Porsche in a plan that German newspaper Handelsblatt said is codenamed “Phoenix”.

The idea of something rising from the ashes is certainly an evocative one but it may surprise VW workers to learn that management thinks the company is parked on a burning platform.