EconomyMarkets

Volkswagen open to giving away majority in battery division-board member By Reuters

© Reuters. FILE PHOTO: A Volkswagen logo is pictured during the Volkswagen Group’s annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt

FRANKFURT (Reuters) – Volkswagen (DE:) could end up owning a minority stake in its battery division, which could be listed in an initial public offering at some point, the carmaker’s board member in charge of the business told a newspaper.

“If unit sales of electric vehicles grow the way we expect it would make sense to bring on board external investors. But we want to remain at the steering wheel,” Thomas Schmall told Frankfurter Allgemeine Sonntagszeitung.

“For that one does not necessarily need the majority.”

Schmall oversees Volkswagen’s plan to build six large battery cell plants across Europe by 2030, a key part of the carmaker’s efforts to overtake Tesla (NASDAQ:) as the world’s top seller of electric vehicles.

The company has previously said it would realise this with outside partners and funding.

Schmall said that in the long-term the company could imagine supplying rivals with its battery cells.

“We want to set a standard for our industry,” he was quoted as saying.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button