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The money is there, Volkswagen CEO says of planned battery cell push

09/07/2021 | 11:06am EDT
FILE PHOTO: Volkswagen Group Chief Executive Officer Herbert Diess

MUNICH (Reuters) - Volkswagen is optimistic that there are sufficient funds, internal or external, to pull off its ambitious plan to build six large battery factories across Europe with partners by the end of the decade, its chief executive said.

"The required capital is available in the market. Northvolt has shown this," Herbert Diess said on the sidelines of the IAA Munich car show.

Swedish battery cell maker Northvolt, in which Volkswagen owns a 20% stake, raised $2.8 billion in June in one of the biggest private placements in Europe this year that was led by four Swedish pension fund and OMERS Capital Markets.

"Today, the returns that can be earned with battery production are high. It is a demand-driven market and stays a demand-driven market for the foreseeable future," Diess said.

Building new battery cell plants, which usually cost around 2 billion euros ($2.4 billion) apiece, are a key requirement for Volkswagen's vision to become the world's leaders in electric vehicles (EV).

Volkswagen in March outlined its battery cell push, which it plans to pull off with partners, but has so far not specified exactly how much it will cost and what share the carmaker plans to fund on its own.

The six European factories will have joint production capacity of up to 240 gigawatt hours (GWh) a year, with the first 40 GWh coming from Northvolt from 2023.

The second plant will be built in the city of Salzgitter by 2025 in partnership with China's Gotion High-Tech, in which Volkswagen owns a 26% stake, with Spain and eastern Europe possible locations for a third and fourth plant.

Two more plants are to be built in subsequent years but Volkswagen has not specified where in Europe they will be located.

Diess in May said that parts of Volkswagen's battery activities could be separately listed in an initial public offering.

($1 = 0.8430 euros)

(Writing by Christoph Steitz; Editing by Madeline Chambers)

By Jan Schwartz

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GOTION HIGH-TECH CO.,LTD. 3.44% 59.31 End-of-day quote.51.61%
SALZGITTER AG -0.39% 30.72 Delayed Quote.42.12%
VOLKSWAGEN AG -3.23% 197.38 Delayed Quote.33.78%
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Sales 2021 9 351 M 1 461 M 1 461 M
Net income 2021 312 M 48,7 M 48,7 M
Net Debt 2021 6 102 M 954 M 954 M
P/E ratio 2021 245x
Yield 2021 0,05%
Capitalization 75 949 M 11 882 M 11 870 M
EV / Sales 2021 8,77x
EV / Sales 2022 6,33x
Nbr of Employees 7 817
Free-Float 68,1%
Duration : Period :
Gotion High-Tech Co.,Ltd. Technical Analysis Chart | 002074 | CNE000001NY7 | MarketScreener
Technical analysis trends GOTION HIGH-TECH CO.,LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 59,31 CNY
Average target price 53,98 CNY
Spread / Average Target -8,99%
EPS Revisions
Managers and Directors
Zhen Li Chairman & General Manager
Zhi Tai Wang Independent Director
Yang Sheng Independent Director
Yan Li Member-Supervisory Board
Gui Fu Ma Deputy General Manager