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☆ Stocks making the biggest moves midday: Delta Air Lines, SoundHound AI, WD-40, Tesla and more
▼ + stars: | 2024-07-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

Check out the companies making headlines in midday trading: Delta Air Lines — The stock fell almost 5% after the airline issued a sales growth forecast for the third quarter that came in below expectations. The company also reported an almost 30% decrease in net income for the second quarter compared to a year ago. Shares of major airline stocks American Airlines and United Airlines also fell around 4.7% and 3.7%, respectively, following the results. WD-40 reported total net sales of $155 million in the fiscal third quarter, up 9% from the year-ago period. Semiconductor names — Investors took a few chips off the table on Thursday, selling high-flying semiconductor stocks.

Persons: QuantumScape, Conagra, Lantheus, Tesla, Horton, —, Alex Harring, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Tanaya Macheel, Darla Mercado Organizations: Delta Air Lines, American Airlines and United Airlines, Costco, Peugeot, Opel, Vauxhall, Lantheus Holdings, Medicare, Services, PepsiCo, Revenue, Bloomberg News, Bloomberg, Industries, Builders, Semiconductor, —, VanEck Semiconductor, Nvidia Locations: U.S, Canada, Europe

☆ Volkswagen, Umicore venture picks Poland for first car battery parts plant
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

Volkswagen vehicle is parked during a news conference to announce details on the construction of a gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsBERLIN, Oct 7 (Reuters) - The auto battery parts joint venture between Volkswagen's (VOWG_p.DE) PowerCo and Belgian materials firm Umicore (UMI.BR) has chosen Poland as the site for its first factory, PowerCo said on Saturday. Ionway wants to build up its annual production capacity by the end of the decade to around 160 gigawatt hours (GWh) per year - enough for 2.2 million electric vehicles. Ionway is intended to supply PowerCo's European battery cell factories with key battery materials and to cover a large portion of PowerCo's needs in the European Union. In return, Umicore receives secured access to an important part of Europe's demand for cathode materials for electric vehicles.

Persons: Carlos Osorio, PowerCo, Ionway, Umicore, Sabine Wollrab, Sarah Marsh, David Holmes 私 Organizations: Volkswagen, Volkswagen Group's, REUTERS, Rights, VW, European Union Locations: St, Thomas , Ontario, Canada, Volkswagen's, Poland, Nysa, Ontario

☆ Umicore, Volkswagen present Ionway battery parts joint venture
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 6 (Reuters) - The $2.9 billion battery parts joint venture between Volkswagen's (VOWG_p.DE) PowerCo and Belgian materials firm Umicore will be called Ionway, the companies said on Friday. Through the joint venture, first flagged in December 2021, the companies are joining a number of European automakers that have brought battery supplies closer to home in the shift towards electric vehicles. "The founding of Ionway sends a strong signal for the rollout of battery cell technology in Europe. We are convinced that this company will provide some important building blocks with which the European Union can implement its Green Deal goals," said Ionway Chief Executive Thomas Jansseune. Ionway is intended to supply PowerCo's European battery cell factories with key battery materials and cover a large portion of PowerCo's needs in the European Union.

Persons: PowerCo, Ionway, Thomas Jansseune, Umicore, Miranda Murray, Friederike Heine Our Organizations: European Union, Deal, Thomson Locations: Volkswagen's, Europe

☆ $1 bln metals SPAC deal backed by Glencore, automakers collapses
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In June, global miner Glencore (GLEN.L), Chrysler parent Stellantis (STLAM.MI) and Volkswagen's (VOWG_p.DE) battery unit PowerCo agreed to back the deal through an equity investment. Weak economic data from the world's largest metals consumer China, which it has reported since August, affected the investors' appetite for the deal, a source, directly familiar with the situation, told Reuters. "The deal fell apart over price," said another source familiar with the situation, adding the price was higher than the buyers considered realistic after the nickel price declined. Reporting by Polina Devitt and Clara Denina; editing by Timothy Gardner and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, ACG, Glencore, Appian, Sibanye, Polina Devitt, Clara Denina, Timothy Gardner, David Gregorio Our Organizations: REUTERS, Appian Capital, Chrysler, Reuters, South Africa's, Thomson Locations: Baar, Switzerland, London, Appian, China, Stillwater

View shows the site where the gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE will be built in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 12 (Reuters) - The Canadian government will take 20 years to recoup the combined C$28.2 billion ($21 billion) subsidies it is offering Volkswagen and Stellantis-LG Electric Solutions (STLAM.MI), to build two electric vehicle (EV) battery plants, the country's budgetary watchdog said on Tuesday. Parliamentary Budget Officer Yves Giroux projected that the combined revenue generated from the two plants would only match the production subsidies by 2043, if production starts in 2024. In May, Stellantis stopped constructing its EV battery plant in Windsor, Ontario, saying the Canadian government did not deliver on the committed subsidies. The dispute was resolved after two months of bargaining when the government agreed to provide subsidies similar to the one it gave Volkswagen.

Persons: Carlos Osorio, Yves Giroux, Justin Trudeau, Stellantis, Francois, Philippe Champagne, Urvi, Divya Rajagopal, Josie Kao Organizations: Volkswagen Group's, REUTERS, Canadian, Volkswagen, LG Electric Solutions, EV, LG Energy, Thomson Locations: St, Thomas , Ontario, Canada, Windsor , Ontario, Ontario, Bengaluru, Toronto

☆ 'We are ready to engage': Europe's biggest carmakers brace for China's EV challenge
▼ + stars: | 2023-09-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

BMW CEO Oliver Zipse speaks during the presentation of the new BMW "New Class" during an event ahead of the IAA motor show in Munich. Europe's dominant position in the automotive sector was established over many decades through its capacity to build superior combustion engines. The German behemoth has already created automotive software company CARIAD, as well as partnering with Chinese EV startup Xpeng, joint venture partner SAIC and autonomous driving company Horizon Robotics. watch nowHe added that Volkswagen has established "huge cost initiatives" and sees big opportunities to scale up its EV production while reducing battery production costs by 50%. Our electricity costs compared to China or North America are too high," Skoda CEO Klaus Zellmer told CNBC on Monday.

Persons: Oliver Zipse, Christophe Périllat, Luca De Meo, Ampere, De Meo, CNBC's Annette Weisbach, Oliver Blume, " Blume, Blume, Klaus Zellmer, Joe Biden's, BEV, Zellmer Organizations: BMW, IAA, Getty, CNBC, Volkswagen, Renault, IAA Mobility, SAIC, Horizon Robotics, Volkswagen Group, CRU Group, Skoda Locations: Munich, China, Europe, North America, U.S, Canada, Spain, Germany

☆ Volkswagen to hold series of capital market days for brands, software and battery units
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, June 16 (Reuters) - Volkswagen (VOWG_p.DE) will hold a series of capital markets days to present the results of mock listing exercises at each of its brand groups and its software and battery units, according to two sources familiar with the matter. At its capital markets day next Wednesday, the company will present an overview of the group's targets in the next 3-4 years, the sources said on Friday, declining to be named. But the sources said the results will instead be staggered over a series of events focused on the brand groups, software unit and battery unit held over a longer period of time. Executives have repeatedly emphasised that the mock exercises will not necessarily lead to actual listings, though the carmaker is speaking to outside investors about its battery unit PowerCo and has said a listing is a possibility. Reporting by Victoria Waldersee and Jan Schwartz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Victoria Waldersee, Jan Schwartz, Miranda Murray Organizations: Volkswagen, BERLIN, Shareholders, Thomson

☆ VW masters dry-coating battery process with potential to slash cell costs
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 16 (Reuters) - Volkswagen (VOWG_p.DE) and a technology partner have mastered a battery manufacturing process called dry coating which if scaled up could cut the cost of cell production by hundreds of millions of euros a year, its battery chief said on Friday. "No-one else can do this today," battery chief Thomas Schmall said at a media roundtable. Dry-coating eliminates that step with an adhesive that does not require drying, Schmall explained. Together with scaled-up production and cheaper raw materials, the carmaker hopes the procedure will help bring down cell costs by around 50%, Schmall said. Reporting by Victoria Waldersee; Editing by Rachel More and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Koenig, Thomas Schmall, Schmall, Tesla, Sebastian Wolf, Victoria Waldersee, Rachel More, Jan Harvey Organizations: Bauer AG, Maxwell Technologies, Reuters, Volkswagen, Thomson Locations: BERLIN, Germany, Spain, Canada

☆ Volkswagen: battery unit PowerCo will be 'investor-ready' early next year
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: 1 min

BERLIN, June 16 (Reuters) - Volkswagen's (VOWG_p.DE) 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. 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. Reporting by Victoria Waldersee, Jan Schwartz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Schmall, Arno Antlitz, shouldn’t, Antlitz, Victoria Waldersee, Jan Schwartz, Miranda Murray Organizations: Thomson Locations: BERLIN, Berlin

☆ Glencore, automakers to back $1 bln nickel, copper SPAC deal in Brazil
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. Glencore will invest $100 million in ACG equity. Stellantis and mining investment fund La Mancha Resource Capital will each provide an equity investment of the same amount, while PowerCo will make a $100 million nickel prepayment. During the process, ACG will become ACG Electric Metals and issue new shares, making Glencore, Stellantis and La Mancha owners of 51% and leaving 49% for free float, Artem Volynets, ACG chief executive, told Reuters. The deal "will establish ACG Electric Metals as a premier supplier of critical metals into the western EV value chain," Volynets said.

Persons: Arnd, ACG, Mick Davis, PowerCo, Artem Volynets, Appian, Sibanye, Volynets, En, Rusal, Polina Devitt, Clara Denina, Kirsten Donovan, Jason Neely Organizations: REUTERS, Chrysler, Company, Santa, Appian, Chartered, Citigroup, Blue Resources, Metals Acquisition Corp, Glencore, La, La Mancha Resource, Metals, Reuters, South Africa's, Hong, Thomson Locations: Baar, Switzerland, Brazil, London, New York, Western Europe, North America, La Mancha, Stillwater, Santa Rita, Hong Kong

☆ Volkswagen, Bosch give up joint venture plans for battery cells
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' DelgadoMay 4 (Reuters) - Volkswagen (VOWG_p.DE) and Bosch (ROBG.UL) have cancelled their plans to create a joint venture to equip battery cell factories, Bosch said on Thursday. "We are not setting up a joint venture," Bosch Chief Executive Officer Stefan Hartung said, adding that the partnership with the German carmaker to digitise its battery factories would continue. The joint venture, announced at the beginning of 2022, was designed to deliver battery production systems, as well as assisting battery cell manufacturers in scaling up and maintaining their production sites. "Volkswagen and PowerCo are sticking to their plan to get involved in equipping battery cell factories in the future.

☆ Volkswagen Pivots to North America as Europe Loses Its Shine
▼ + stars: | 2023-04-21 | by ( William Boston | ) www.wsj.com time to read: +1 min

Volkswagen is expanding its battery manufacturing as it adds models such as the ID.7 to its EV lineup. Photo: Sean Gallup/Getty ImagesVolkswagen AG, Europe’s largest car maker, said Friday that it would invest more than $5 billion in its planned battery-cell factory in Canada, making it the company’s largest in the world and creating thousands of jobs. The plant will be built and operated by VW’s battery unit, PowerCo, and will supply VW’s U.S. factories with battery cells. Construction of the factory is slated to begin next year and production of battery cells projected to start in 2027. When operating at full capacity, the Canadian facility is expected to churn out battery cells with an annual capacity of 90 gigawatt-hours, twice the size of its European plants under construction in Germany and Spain, and create 3,000 jobs directly at the plant.

☆ Volkswagen Canada battery plant targets 90 GWh capacity, its biggest yet
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

[1/4] Canada's Prime Minister Justin Trudeau arrives to attend a news conference to announce details on the construction of a gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos OsorioCompanies Volkswagen AG FollowBERLIN, April 21 (Reuters) - Volkswagen (VOWG_p.DE) is targeting 90 gigawatt-hours of capacity at its planned battery factory in Ontario, Canada, the carmaker said on Friday, its largest planned battery plant to date. The carmaker is investing up to C$7 billion ($5.17 billion) in the plant, a statement said. The plant will cover most of the battery capacity it needs in North America, which battery chief Thomas Schmall said in March was between 60-100 gigawatt hours. ($1 = 1.3528 Canadian dollars)Reporting by Victoria Waldersee Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

[1/9] View shows the site where the gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE will be built in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos OsorioCompanies Volkswagen AG FollowStellantis NV FollowBERLIN, April 21 (Reuters) - Canada and Volkswagen (VOWG_p.DE) on Friday together committed more than C$20 billion ($14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country's electric-vehicle supply chain. Europe's largest carmaker is investing up to C$7 billion to build the plant, Volkswagen said in a statement. The battery plant is expected to be Volkswagen's largest and create up to 3,000 jobs. "This secures the future of St. Thomas," the city's mayor, Joe Preston, told Reuters earlier this week.

☆ Canada offering more than C$13 bln for VW battery plant - govt source
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

Companies Volkswagen AG FollowOTTAWA, April 20 (Reuters) - Canada has agreed to provide up to C$13 billion ($9.7 billion) in subsidies and a C$700 million grant to lure Volkswagen AG (VOWG_p.DE) into building its North American battery plant in the country, a government source said on Thursday. The carmaker declined to comment on the subsidies, which the source said would be disbursed over a decade. The plant will cost about C$7 billion to build, the source told Reuters, confirming an earlier report by Bloomberg News. The new Volkswagen battery plant in Canada will have a maximum capacity of 90 gigawatt hours, enough to provide batteries for more than a million cars annually, Handelsblatt reported, citing a company source familiar with the matter. PowerCo, set up last year, is targeting more than 20 billion euros ($21.94 billion) in annual sales by 2030.

☆ Volkswagen to partner on Indonesia EV battery ecosystem -minister
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

JAKARTA, April 17 (Reuters) - Volkswagen will build an electric vehicle (EV) battery ecosystem in Indonesia and will partner with miner Vale, Ford and China's battery minerals producer Zhejiang Huayou Cobalt, the Southeast Asian country's investment minister said. Minister Bahlil Lahadalia said on Sunday that Volkswagen, Europe's biggest automaker, will work with Vale, Ford, Huayou, French miner Eramet and several Indonesian firms such as Merdeka Gold Copper, the parent company of Merdeka Battery, and energy firm Kalla Group. Volkswagen, Ford, Eramet, Kalla Group, Huayou, and Merdeka Gold Copper did not immediately respond to requests for comment. PT Vale Indonesia declined to comment. Last month, Ford (F.N) inked its first investment in Indonesia by joining Vale Indonesia and Huayou in a $4.5 billion nickel processing plant in Southeast Sulawesi.

☆ Volkswagen to invest in mines in bid to become global battery supplier
▼ + stars: | 2023-03-17 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Europe's biggest carmaker wants its battery unit PowerCo to become a global battery supplier, not just produce for Volkswagen's own needs, Thomas Schmall told Reuters in an interview. Long-term, Volkswagen plans to build enough cells to meet half its global battery needs, with most production capacity located in Europe and North America, according to Schmall. "The bottleneck for raw materials is mining capacity - that's why we need to invest in mines directly," he said. Volkswagen released on Thursday the details of a 25,000-euro EV it aims to sell in Europe from 2025. Asian producers like CATL, LG Chem and Samsung SDI dominate global cell production, with almost half of planned battery cell capacity in Europe by Asian players.

☆ Volkswagen invests in batteries, raw materials in race for affordable EV
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

Over two-thirds of the company's five-year investment budget announced on Tuesday is allocated to electrification and digitalisation, including up to 15 billion for batteries and raw materials. Volkswagen, Europe's top carmaker, is striving to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. Buzz EV car, on the day of the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, Germany March 14, 2023. Volkswagen met analysts' expectations in 2022 on revenues but missed the consensus estimate for earnings before interest and taxes by 3%. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen to invest $193 billion over 5 years to hit EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

[1/2] The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which opened its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. The investments come as Volkswagen, Europe's top carmaker, tries to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. In the latest investment plan, up to 15 billion euros is ringfenced for battery plants and raw materials. VW outperforms EU rivalsThe investment decisions are targeted towards fulfilling a 10-point plan developed by Volkswagen CEO Oliver Blume after he took the helm in September. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen to invest $193 bln over 5 years to help meet EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Companies Volkswagen AG FollowBERLIN, March 14 (Reuters) - Volkswagen (VOWG_p.DE) plans to invest 180 billion euros ($192.76 billion) over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to decline from 2025. In the latest plan, 15 billion euros is ringfenced for battery plants and raw materials and 2 billion euros will be put toward a plant in North Carolina for its Scout brand. Later on Tuesday, Volkswagen is also expected to share the results of a 'virtual equity story' exercise instigated by Blume. On Monday, Volkswagen announced its first battery cell plant outside of Europe would be in Canada, with production to start from 2027. ($1 = 0.9338 euros)Reporting by Victoria Waldersee, Editing by Rachel More and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen to invest $193 billion to hit EV target, picks Canada for battery cell plant
▼ + stars: | 2023-03-14 | by ( ) edition.cnn.com time to read: +3 min

Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and the sourcing of raw materials in a bid to cut electric vehicle costs and protect its market share, it said Tuesday. Over two-thirds of the company’s five-year investment budget is allocated to electrification and digitalization, including up to 15 billion ($16 billion) for batteries and raw materials. Volkswagen board member Thomas Schmall Ronny Hartmann/AFP/Getty Images/FileOn Monday, board member Thomas Schmall also announced that Volkswagen’s first North American battery cell factory would be in Canada, with production starting in 2027. The carmaker is still aiming to bring an affordable EV — costing around 25,000 euros ($26,795) at today’s prices — to market by 2025. The most likely actual stock market candidate is battery unit PowerCo.

☆ Volkswagen: we are covered by our three gigafactories in Europe until 2028
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

WOLFSBURG, March 13 (Reuters) - Volkswagen's (VOWG_p.DE) battery needs are covered until 2028 by its three confirmed factories in Europe - the Salzgitter plant in Germany, Northvolt's plant in Sweden and a planned plant in Valencia, board member Thomas Schmall said on Monday. "With these three plants we are covered until 2028," Schmall said at a press event at the Salzgitter plant, inaugurated last July. The Valencia plant, confirmed last year, is due to begin production in 2026. Volkswagen said last week it was waiting to hear what Europe's response to the U.S. Inflation Reduction Act will be before progressing with plans to build further battery plants in the region. The carmaker was standardising the structure of its factories to make production more efficient, Schmall said, describing the process of building new plants as "copy-paste".

☆ Volkswagen keeping IPO option open for charging, energy business - division chief
▼ + stars: | 2023-01-23 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

HAMBURG, Jan 23 (Reuters) - Volkswagen's (VOWG_p.DE) energy and charging division is keeping all options open for the long-term structure of the business, including a possible listing, the division's chief Elke Temme said in an interview with Reuters. "It won't take five more years," Temme predicted, adding that Volkswagen's electric vehicles on the MEB platform were equipped for the feature. "Cars will become part of the energy system," Temme said on Monday. "The energy industry and the car market are becoming more woven together." Reporting by Jan Schwartz, Writing by Victoria Waldersee, Editing by Rachel More, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen postpones decision on gigafactory in eastern Europe beyond 2022
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

PRAGUE/FRANKFURT, Dec 8 (Reuters) - Volkswagen AG (VOWG_p.DE) is postponing its decision on where to locate a planned gigafactory for electric car batteries in eastern Europe beyond 2022, the carmaker said on Thursday, pointing to the current economic environment. "Volkswagen AG and its battery company PowerCo are continuously evaluating suitable sites for their next gigafactory in Europe," Volkswagen said in e-mailed comments. "There is no pressure to act as we take some more time for decision making in light of current circumstances," Volkswagen said. "At present, there is no impact on planned start of construction or start of production." Volkswagen's planned battery cell plant in eastern Europe would be the fourth under its plan to build six such sites across Europe by the end of the decade.

FRANKFURT/HAMBURG, Nov 18 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) is holding discussions with investors to join its battery division ahead of a possible partial initial public offering (IPO) of the subsidiary, two people familiar with the matter told Reuters. The idea is to bring in investors pre-IPO so Volkswagen can gauge how the division - named PowerCo - might be valued in a potential flotation, the sources said, adding that Volkswagen is working with advisers on a potential deal structure. Volkswagen has set aside 20 billion euros ($21 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. Former Volkswagen CEO Herbert Diess floated the idea of a listing in May last year as a means of funding the carmaker's battery expansion plans. Volkswagen's US charging station network Electrify America, in which Siemens (SIEGn.DE) has invested a low three-digit million amount, could serve as a model for investor participation, the second source said.

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