MUNICH: Volkswagen’s battery subsidiary, PowerCo, remains open to external investors, according to group technology chief Thomas Schmall, reported German Press Agency (dpa).
“Growth beyond 2030 will only be possible with external capital,” Schmall told reporters on Monday at the IAA Mobility automotive trade fair in Munich.
He added that while the company has not yet determined the right timing to sell stakes, it is prepared to welcome external investors at any point.
VW is currently building battery cell factories in Salzgitter, Germany, Spain’s Valencia, and St Thomas in Canada.
In Salzgitter, series-ready cells are set to roll off the production line for the first time this year. By 2026, they are scheduled to be used in a new model from VW’s SEAT subsidiary Cupra, which is due to begin production next year.
The German carmaker is pursuing its own path in battery cell production: VW wants to manufacture a large share of the cells needed for its electric vehicles in-house to reduce reliance on suppliers.
At the same time, the group aims to master the underlying technology, as “cell performance” is crucial for range, charging speed and overall output, Schmall said.
“The cell is the new engine,” he added. Over time, VW plans to employ different cell chemistries to reduce dependence on individual raw materials.
The International Motor Show Germany, or International Mobility Show Germany, in German known as the Internationale Automobil-Ausstellung (IAA – International Automobile Exhibition), is one of the world’s largest mobility trade fairs. – BERNAMA-dpa
