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Volkswagen: battery unit PowerCo will be 'investor-ready' early next year

Published 16/06/2023, 11:26
© Reuters. FILE PHOTO: Member of the Board of Management Volkswagen AG Technology Thomas Schmall speaks during a press conference before the groundbreaking ceremony for German carmaker Volkswagen's first battery cell production plant 'SalzGiga' in Salzgitter, German
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BERLIN (Reuters) - Volkswagen (ETR:VOWG_p)'s battery unit PowerCo will be ready for investors at the beginning of next year, battery chief Thomas Schmall said at a roundtable in Berlin on Friday.

Schmall's statement followed comments made last month by Chief Financial Officer Arno Antlitz that onlookers "shouldn’t be surprised if in 2024 there might be a first step taken with a strategic investor" in the unit.

© Reuters. FILE PHOTO: Member of the Board of Management Volkswagen AG Technology Thomas Schmall speaks during a press conference before the groundbreaking ceremony for German carmaker Volkswagen's first battery cell production plant 'SalzGiga' in Salzgitter, Germany, July 7, 2022. REUTERS/Fabrizio Bensch/File Photo

The battery chief declined to give further information on Friday, stating more would be disclosed at Volkswagen's capital markets day next Wednesday.

Antlitz said in May that interest in the unit was high but the carmaker was evaluating how long to keep it on its books.

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