Volkswagen wants Porsche to roar on the stock market

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Volkswagen, the world’s second-largest automotive group, in search of funds to finance the electric transition, on Tuesday formalized an IPO project of 60 to 80 billion euros for its subsidiary Porsche, the manufacturer of the famous luxury sports model 911. euro, according to analysts. This IPO of Porsche should make it possible to “accelerate” the Volkswagen group’s return to the electric and connected vehicle, followed by the group’s boss Herbert Diess on Friday. “This can help us accelerate the implementation of our strategy and give more flexibility, in addition to the multi-year investment plan that has already allocated 90 billion euros to electrification and software,” said Mr. Diess. Indeed, the twelve-brand giant has been in a relentless race for several months to get its offer excited, while also planning the costly opening of at least six battery cell factories in Europe.

Mr Diess added that an IPO would give Porsche “more entrepreneurial freedom” to become “the number one electric sports car manufacturer”. According to the group’s financial director, it could happen in the fourth quarter of this year. Porsche is now wholly owned by the Volkswagen Group. This is controlled by the currently listed Porsche SE, in which the Porsche-Piëch family holds the absolute majority (53.3%) of the voting rights. Volkswagen’s supervisory board approved preparations for the IPO on Thursday evening. Porsche SE has also decided to “support in principle” this listing in listing markets, after which Volkswagen will continue to hold the majority of Porsche.

Lotus Elise stopped en route to Hong Kong airport. Like Porsche, the British sports car manufacturer is considering going public. Danish Siddiq/Reuters

Lotus too

The iconic British sports car maker Lotus is also considering an IPO to finance its production’s massive growth targets and electricity investments. We’re “considering” an IPO that will take place within a 12 to 24 month window at the earliest, “for an amount that needs to be determined, but will be around a few billion dollars,” James Andrew said last Monday. , Lotus’ communications director. The location of the operation is unclear, but he said it could take place in New York, London or Hong Kong. The producer held an event in London last week as part of a tour aimed specifically at attracting potential investors.

Lotus announced last month that it had sold 1,710 cars in 2021, its best sales in a decade. The group is aiming for very rapid growth in its production, relying especially on all-electric models made in China. As such, it plans to sell 100,000 vehicles per year by 2028, thanks to a new division based in Wuhan (central China), which will specifically produce electric SUVs. The subject of the public offering will be this company. The Lotus group launched this subsidiary last August to “accelerate innovation” in batteries, electric motors and even “smart driving” and has built a factory in Wuhan that will be ready this year. It should reach a maximum annual production capacity of 150,000 vehicles.

On this occasion, the brand detailed its forecasts for four new electric cars, including a first SUV by the end of 2022, a four-door coupe introduced in 2023, another SUV in 2025 and a new sports car in 2026. These models will be added. to Evija, the brand’s first all-electric car, and Emira, its latest petrol car launched this year. The manufacturer stopped production of the emblematic Elise, Exige and Evora last year. At the end of January, Lotus announced a collaboration agreement with Britishvolt, a company that plans a mega battery cell factory for electric vehicles in the north-east of England. In early 2021, the company signed an agreement with French manufacturer Renault’s sports branch Alpine to partner in the development of fully electric sports cars.

Also, Volvo Cars, owned by Chinese manufacturer Geely, was listed on the Stockholm Stock Exchange last October. Volvo and Geely will also list their joint electric brands, Polestar, on the stock market in 2022.

Source: AFP

Volkswagen, the world’s second-largest automotive group, in search of funds to finance the electric transition, on Tuesday formalized an IPO project of 60 to 80 billion euros for its subsidiary Porsche, the manufacturer of the famous luxury sports model 911. euro, according to analysts. Porsche should let this IPO…