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Volkswagen open to giving away majority in battery division-board member -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The Volkswagen Group’s annual General Meeting was held in Berlin on May 3, 2018, and a Volkswagen logo was displayed. REUTERS/Axel Schmidt

FRANKFURT – Volkswagen (DE 🙂 might end up holding a minority share in its battery business division. The company’s chief executive officer told a newspaper that the initial public offering could take place at one point.

External investors would be a good idea if electric vehicle unit sales grow in the same way that we anticipate. Thomas Schmall stated that he and his team want to stay at the wheel.

“For that one doesn’t necessarily require the majority”

Schmall manages Volkswagen’s ambitious plan to create six large European battery cells plants by 2030. It is a crucial part of Volkswagen’s attempts to take over Tesla (NASDAQ.) as the number one seller of electric cars in the world.

The company stated previously that outside funding and partners would be necessary to realize this vision.

Schmall indicated that, in the long term, the company might be able to provide battery cells for rivals.

According to him, “We want the industry standard set,”

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