After the historic public listing of Volkswagen’s sports performance brand, Porsche, the automaker’s chief financial officer (CFO), Arno Antiliz, says VW is ready and well funded to execute its EV strategy. He also mentions the possibility of listing its battery unit, PowerCo, to free up even more funds and accelerate battery cell development.
Porsche made its highly anticipated public trading debut Thursday on the Frankfurt Stock Exchange, hitting the top end of VW’s guidance at around $73 billion in value while receiving around 9.6 billion euros ($9.37 billion) in proceeds. The substantial listing makes it the largest IPO in Europe since Glencore, a commodity company, in 2011.
Despite poor market conditions, VW went ahead with the listing, knowing Porsche’s superior brand appeal could attract investors.
Many investors are looking for the next Ferrari or Tesla stock. Ferrari was another luxury sports carmaker that went public during challenging market conditions in 2015. However, with higher profit margins and being one of the most recognized brands in high-performance vehicles, investors jumped in as Ferrari raised around $10 billion in its IPO.
VW gained around $9.4 billion from the Porsche listing, which the automaker plans to use to fund its EV ambitions. Volkswagen’s CEO, Oliver Blume, commented on Porsche’s listing, saying:
Our increased degree of autonomy puts us in a very good position to implement our ambitious goals in coming years.
The proceeds from the Porsche listing will give VW the ability to invest back into the company, accelerating its electric vehicle production. In particular, VW looks to establish a fully integrated value chain, complete with electric vehicles, batteries, battery cells, raw materials, and equipment. The automaker’s CFO suggests PowerCo (VWs battery business) may be the next to go public.
Will VW’s PowerCo go public after the Porsche listing?
Volkswagen’s CFO shut down rumors of the automaker listing another premium division, such as Audi, instead hinting a PowerCo IPO could be in the works, saying:
The next project is strategic partnerships or a potential IPO of the battery unit – I can’t say more for now.
The CFO then claimed:
We do not rule out an IPO of the battery unit, but the financial flexibility we won today allows us to further strengthen our work in batteries alone. Then we will consider adding strategic partners later on.
PowerCo is a 100% owned VW subsidiary, created in July 2022 to take on the automaker’s battery operations. According to VW, the battery unit has the potential to produce up to €20 billion in revenue annually.
The battery unit plans to open six Gigafactories with 240 GWh capacity by 2030, with the first coming in Salzgitter, Germany, and two others planned for Sweden and Spain. The Salzgitter factory will act as a blueprint for VW, with production expected to begin in 2025.
Volkswagen is leading the auto industry in electric vehicle and battery investments. At the same time, supply constraints remain an issue for the foreseeable future. It will take time for these and other automaker’s battery plants to come online and begin production.
VW is hoping the Porsche listing will help accelerate its EV plans. With the option of also listing its battery company, PowerCo, the automaker should remain well funded as the transition to EVs continues to accelerate.
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Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
FedEx electric delivery vehicle; via Workhorse.
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.