Transportation
VW Joins Renault in Pulling Back From EV Stock Offering Efforts
- Manufacturers deterred by poor IPO market, cooling EV demand
- Changed plans are setbacks for companies investing in new tech
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Volkswagen AG joined Renault SA in walking back plans to sell shares in electric-vehicle businesses, deterred by slowing EV demand and a brutal market for initial public offerings.
VW has put efforts to seek outside investors for its PowerCo battery unit on the back burner, Bloomberg reported Tuesday. Renault scrapped the initial public offering of its EV and software business Ampere late Monday.