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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Porsche Backs Production of High-Performance Battery Cells in Germany

06/21/2021 | 07:54am EDT

By Kim Richters

Porsche AG said Monday that it is investing a high double-digit million euro amount in a joint venture with Custom Cells Itzehoe GmbH to produce high-performance battery cells in Germany.

The Volkswagen AG subsidiary said the new company is called Cellforce Group GmbH and headquartered in the city of Tuebingen. Porsche owns a 83.75% stake in the joint venture.

Porsche said contracts between battery-cell maker Custom Cells and itself were signed in May. German chemicals group BASF SE was chosen as development partner.

The Federal Republic of Germany and the state of Baden-Wuerttemberg are funding the project with around 60 million euros ($71.2 million), Porsche said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

06-21-21 0753ET

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Financials
Sales 2021 253 B 300 B 300 B
Net income 2021 14 709 M 17 462 M 17 462 M
Net cash 2021 34 213 M 40 617 M 40 617 M
P/E ratio 2021 7,09x
Yield 2021 3,58%
Capitalization 126 B 150 B 150 B
EV / Sales 2021 0,36x
EV / Sales 2022 0,31x
Nbr of Employees 632 825
Free-Float 56,8%
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Mean consensus BUY
Number of Analysts 25
Last Close Price 205,75 €
Average target price 279,86 €
Spread / Average Target 36,0%
EPS Revisions
Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter P÷tsch Chairman-Supervisory Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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