By David Sachs
BARCELONA (Dow Jones)–For the Volkswagen Group, a stock exchange listing for the PowerCo battery division, which is currently being set up, remains an option. VW is ready to open up the capital structure and is examining the options in light of the current market environment, the car manufacturer said in a statement. “Investor interest remains high. An IPO is a concrete option for the future.”
At the beginning of the week, Renault announced its plans for an IPO Electric car-Ampere division canceled due to poor market conditions. Analysts had expressed concern about stock dilution and demand for electric vehicles.
VW described global growth in electric vehicles as stable overall, but not as steep as expected.
Bloomberg news agency reported on Tuesday, citing unnamed sources, that PowerCo would not go public this year or next amid slowing demand for electric vehicles.
Volkswagen said at an investor meeting last April that it would retain “full flexibility” in raising outside capital for PowerCo. The company did not provide a timetable for a possible IPO.
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DJG/DJN/rio/kla
(END) Dow Jones Newswires
January 30, 2024 06:18 ET (11:18 GMT)
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