Porsche IPO Plans Ramp Up
Herbert Diess and Arno Antiltz confirm the plan to launch a Porsche IPO by Q4...
Herbert Diess, the Volkswagen CEO, said that the company is using coal instead of natural gas at on-site power plants pricing energy to its factories. Diess waned that the company and country’s shift away from Russian energy isn’t happening fast enough.
“It’s going probably not fast enough. In the long run, I’m sure that we become independent from Russian gas.”
The EU has made slight efforts to push forward with a carbon-zero agenda that seeks to end all gas-powered car sales by 2035. Even as Germany pushes back on the EU ban, Diess confirmed that Volkswagen will continue its march toward EV vehicles in an attempt to take on Tesla for the crown in EVs.
Several models have been introduced by Volkswagen including the ID.4 and ID.Buzz. The company is also investing heavily into an EV plant and looking ahead, Volkswagen reportedly has an order book lined up that spans one year. The company is on track to meet its 2022 EV targets.
Also, at the Future of Finance Summit in Frankfurt, Arno Antiltz, Volkswagen CFO, stated an IPO for Porsche was on track for Q4. He noted that Porsche’s sports car SUV business has been nothing but resilient over the years. This has made a demand for a share in Porsche ownership desirable for investors.
“There’s still capital out there and there’s a lot of skepticism about investing capital in technology companies, in new ventures. But, Porsche’s business is very solid.”