Volkswagen’s retention IPO option is open for payment, Energy Business – Division Head

HAMBURG, Jan 23 (Reuters) – Volkswagen’s ( VOWG_p.DE ) energy and charging unit is keeping all options open for the long-term structure of the business, including possible details, unit chief LK Temme said in an interview with Reuters.

The unit, like all of the carmaker’s unlisted brands and battery business PowerCo, is preparing to list for a training exercise set up by Chief Executive Oliver Blum after the carmaker listed the Porsche ( P911_p.DE ) brand last year.

The results of these exercises, which Volkswagen calls ‘virtual fairness stories’, will be presented internally on Thursday, a source told Reuters on condition of anonymity.

Teme, a former RWE executive who ran the carmaker’s energy business, said electric cars could help stabilize high prices in the electricity market by acting as temporary storage for green electricity capacity on the grid — known as bidirectional charging.

But regulators first had to create a framework to make this economically viable. “It won’t take another five years,” Teme predicted, adding that Volkswagen’s electric vehicles on the MBB platform are equipped for the feature.

In his role from January 2021, Tame is tasked with managing the carmaker’s various energy operations, including purchasing power, helping customers charge their cars at home and on the road, and selling on-demand electricity.

Volkswagen is leading older automakers globally with plans to invest in EVs and batteries by 2030, according to a Reuters analysis, with plans to spend 35 billion euros on battery EVs by 2025.

“Cars will be part of the energy system,” Teme said on Monday. “The energy industry and the auto market are becoming more intertwined.”

Reporting by Jan Schwartz, Writing by Victoria Waldersee, Additional editing by Rachel, Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

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