Porsche announces plans to acquire majority stake in battery company
2024-08-20
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This article is transferred from [China Economic Net];
Porsche AG of Germany announced on the 17th thatIntends to acquire majority stake in German company Varta that manufactures automotive power batteries, becoming the new shareholder of the battery manufacturer that is in financial crisis after debt restructuring. However, this acquisition plan still needs the approval of the relevant national antitrust authorities before it can be realized.
Porsche announced on the 17th that it plans to invest 30 million euros, including acquiring the majority of shares of V4Drive Battery Company, a subsidiary of Varta, by increasing capital. It is understood that a new hybrid model launched by Porsche uses a high-capacity lithium-ion battery pack produced by V4Drive.By acquiring a stake in Varta, Porsche will be able to participate more directly in the development, production and sales of V4Drive batteries, ensuring the stability and reliability of battery supply.。
On the same day, Varta announced that it had reached an agreement with creditors on a preliminary debt restructuring plan. It plans to introduce a Porsche-affiliated investment company as a new shareholder to jointly control Varta with MT Investment, Varta's current major shareholder, in the hope of "substantially reducing the company's debt and injecting fresh liquidity" to ensure that Varta has sufficient funds to start production by the end of 2027. MT Investment and Porsche will each hold 32% of Varta's shares.
It is reported that Varta is headquartered in the southwestern German city of Ellwangen and produces batteries for automobiles, industry and consumer products.Porsche's new hybrid model 911 Carrera GTS uses high-capacity lithium-ion battery packs produced by VartaDue to high debt, Varta applied to the court in July this year to enter into financial restructuring procedures to avoid bankruptcy. According to the company, its business is distributed in more than 100 countries and regions, with annual global sales of more than 800 million euros.
In the first half of this year, Porsche's global sales volume was 155,900 vehicles, a year-on-year decrease of 7%, and its sales profit was only 3.06 billion euros, a year-on-year decrease of 20.5%. Faced with the decline in sales and dismal performance, Porsche proactively lowered its full-year performance expectations and announced that it would abandon its goal of 80% of electric vehicle sales by 2030.
Source: China Economic Net WeChat Comprehensive CCTV Finance, Xinhua News Agency, etc.
