VW Places Battery Unit IPO on Backburner
- Carmaker said to face doubts on making batteries competitively
- IPO for PowerCo remains a tangible option, Volkswagen says
This article is for subscribers only.
Volkswagen AG is pushing back plans to seek outside investors for its battery unit after slower demand for electric vehicles dims prospects for the business, with the industry facing an increasingly daunting reality in the EV transition.
Europe’s biggest carmaker has also put talks with investors on the backburner as it faces doubts it can make its own batteries at scale, people familiar with the matter said, declining to be named detailing internal matters. The company is no longer prioritizing stake sales or a potential listing of the PowerCo business this year or next, they said.