Next IPO under the Volkswagen umbrella: PowerCo
CFO Arno Antiliz says the company will first rely on the money made from Porsche listing but that an IPO for PowerCo, the automaker’s newest subsidiary, hasn’t been ruled out.
No batteries have been produced by the subbrand yet, but VW plans to build six Gigafactories by 2030. It broke ground for the first one in Salzgitter, Germany this past July and expects to start building batteries there in 2025.
PowerCo is one piece of Volkswagen’s electrification strategy
Batteries will play an integral part in VW’s EV future. But the company has more to do than build battery packs if it wants to meet its targets.
The auto giant said in May that it hopes to shift half its car sales to electric power by 2030. In the same year, internal combustion engines will be completely phased out of the VW lineup in the U.S. But the company still has a long way to go.
Tesla might still be outselling its competitors in the U.S., but if it’s variety you’re after, no one can beat Volkswagen and its subbrands for electric vehicles.
In the luxury department, Porsche and Audi are well on their way to becoming formidable EV brands. Porsche started with the Taycan and Taycan Cross and has the Macan EV set for 2024 while Audi will continue its e-tron badge with five separate models by 2024.
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