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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
  Report
Real-time Estimate Tradegate  -  01:47 2022-11-28 pm EST
135.27 EUR   -0.94%
12:42pEuropean Companies Hand Out Employee Bonuses As Inflation Bites -- At a Glance
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09:11aVolkswagen Brand CEO 'Deeply Concerned' Over Industry Transformation in Europe
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08:45aAnalysis-U.S. green subsidies heighten fears for German industry
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Volkswagen's PowerCo, Umicore Establish JV for Battery Materials

09/26/2022 | 03:26am EST

By Pierre Bertrand


Umicore SA and Volkswagen AG's battery company PowerCo have established a joint venture to produce battery materials in Europe, they said Monday.

The companies said 3 billion euros ($2.91 billion) will be invested in the Brussels-based venture, which aims to have a production capacity for 2.2 million fully electric cars by 2030.

Production is scheduled to start in 2025 but a location for the production site hasn't yet been found, the German car maker and the Belgian chemicals and recycling group said.

The joint venture will supply a large part of PowerCo's European gigafactories and secure Umicore's access to European demand for electric-vehicle battery materials.


Write to Pierre Bertrand at pierre.bertrand@wsj.com


(END) Dow Jones Newswires

09-26-22 0325ET

Stocks mentioned in the article
ChangeLast1st jan.
UMICORE -0.58% 34.1 Real-time Quote.-4.06%
VOLKSWAGEN AG -0.97% 135.24 Delayed Quote.-23.06%
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Analyst Recommendations on VOLKSWAGEN AG
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Financials
Sales 2022 279 B 290 B 290 B
Net income 2022 16 858 M 17 529 M 17 529 M
Net cash 2022 37 783 M 39 288 M 39 288 M
P/E ratio 2022 4,11x
Yield 2022 6,60%
Capitalization 82 176 M 85 333 M 85 448 M
EV / Sales 2022 0,16x
EV / Sales 2023 0,14x
Nbr of Employees 645 868
Free-Float 56,8%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 136,56 €
Average target price 188,44 €
Spread / Average Target 38,0%
EPS Revisions
Managers and Directors
Oliver Ingo Blume Chairman-Management Board
Arno Antlitz Director-Controlling & Accounting
Hans Dieter P÷tsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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