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☆ SEAT-VW says to go ahead with Spanish e-car, battery project
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 9 (Reuters) - Volkswagen's (VOWG_p.DE) Spanish unit SEAT will go ahead with a mega project to make electric vehicles and batteries after overcoming initial reservations about government subsidies, it said on Wednesday. The SEAT-led project, in which 60 other Volkswagen-linked companies will also take part, foresees an investment of 10 billion euros ($10.06 billion) to electrify Spain's auto industry and turn the country into a European hub for e-vehicle and battery production. The government said last month VW-SEAT would receive 397.4 million euros of the 877 million total in the first phase of the electric vehicle financing programme using EU pandemic recovery funds. Although it was the carmaker that received the largest allocation, SEAT initially said the funding was not sufficient. ($1 = 0.9939 euros)Reporting by Andrei Khalip and Jessica JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Porsche IPO Blazes Trail for Other Auto Makers
▼ + stars: | 2022-09-29 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Investors don’t always hate traditional car makers, it turns out. From Germany to Detroit, the whole auto industry needs to learn from the success of Porsche’s initial public offering. Shares in the sports car brand rose less than 1% on their first trading day Thursday, giving it a market value of about €75 billion, equivalent to roughly $73.5 billion. Parent company Volkswagen and its advisers were trying to pull off a balancing act with the IPO price. Price it too low and they would confirm investors’ worst fears that VW is incurably in thrall to its controlling shareholder, the Porsche and Piëch family investment vehicle, which got half of the Porsche shares VW just sold.

☆ Volkswagen battery IPO could be next, says CFO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

"We do not rule out an IPO of the battery unit, but the financial flexibility we won today allows us to further strengthen our work in batteries alone. Antlitz brushed aside rumours that Thursday's Porsche listing could lead to a listing of Audi, another premium brand and huge moneymaker for Volkswagen. Register now for FREE unlimited access to Reuters.com Register"The next project is strategic partnerships or a potential IPO of the battery unit - I can't say more for now," he said. Volkswagen has set aside 20 billion euros ($20.38 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. It has set aside a further 10 billion euros for investment along the supply chain, such as sourcing cathode materials.

☆ Volkswagen teams up with Umicore on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

The venture - between Umicore and Volkswagen's battery unit PowerCo - also plan to collaborate on recycling metals from battery materials, the firms said, without giving a timeframe. Under the 3 billion euro ($2.9 billion) joint venture, which the companies flagged in December, Umicore will produce enough battery precursor and cathode material for 160 gigawatt hours (GWh) of battery capacity - enough for 2.2 million vehicles. It will start with material for 40 GWh of capacity by 2026 at Volkswagen's first battery plant in Salzgitter, Germany. There is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". read moreThe companies also agreed that Umicore would refine cathode material for the first 60 GWh of capacity.

☆ Volkswagen's PowerCo and Umicore team up on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

REUTERS/Imelda MedinaBERLIN, Sept 26 (Reuters) - Volkswagen's (VOWG_p.DE) PowerCo and materials technology firm Umicore announced a 3 billion euro ($2.9 billion) joint venture on Monday that will produce battery precursor and cathode material from 2025, likely at Umicore's new plant in Poland. The venture will start with a target of 40 GWh by 2026, with Volkswagen's Salzgitter battery plant the first to receive material. Register now for FREE unlimited access to Reuters.com RegisterThere is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". Volkswagen, which plans to build six battery plants in Europe by 2030 starting with Salzgitter, first announced in late 2021 that it was planning a joint venture with Umicore as it attempts to gain control over the entire battery value chain. read moreShares in the Belgian company plummeted in June after it announced a 5 billion euro plan to bulk up its battery material business, with analysts concerned about the higher debt and external funding required amid rising costs.

☆ Volkswagen's PowerCo and Umicore form joint venture on precursor and cathode material for batteries
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Volkswagen is displayed at the carmaker's factory in Puebla, Mexico August 31, 2022. REUTERS/Imelda MedinaBERLIN, Sept 26 (Reuters) - Volkswagen's (VOWG_p.DE) battery unit PowerCo has formed a joint venture with Belgium's Umicore (UMI.BR) for the production of precursor and cathode material in Europe, jointly investing 3 billion euros ($2.89 billion), the companies said on Monday. Register now for FREE unlimited access to Reuters.com RegisterBoth partners will equally share costs, investments and profits. Volkswagen, which plans to build six battery plants in Europe by 2030 starting with Salzgitter, first announced in late 2021 that it was planning a joint venture with Umicore. read more($1 = 1.0379 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

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