Exclusive-VW battery unit rules out IPO until factories running, unified cell in use

Volkswagen will not consider a stock market listing for its battery unit until its factories are up and running and its unified battery cell is in use, the division's boss told Reuters, essentially ruling out a possible IPO before 2026. Thomas Schmall's comments provide the best indication so far for when Europe's top carmaker may float its PowerCo battery business on the stock exchange, as a follow-up to bringing in an outside investor or entering strategic partnerships with other cell manufacturers. Volkswagen split off its battery unit in mid-2022, investing 20 billion euros ($21.7 billion) with partners to build plants reaching 240 gigawatt hours of capacity by 2030 in a move it hoped would give it greater control of its supply chain and help it catch up with Tesla.