Report: Porsche will invest in struggling battery manufacturer Varta
Porsche is reportedly set to directly invest in Varta, according to a newspaper report, in order to support the struggling battery manufacturer. The plans include not only a majority takeover of Varta's electric vehicle battery division V4Drive, but also a minority stake in Varta AG itself, according to the "Frankfurter Allgemeine Zeitung" on Sunday, citing banking circles. Porsche intends to raise capital for this minority stake. "With this minority stake, Porsche secures the spin-off process of the V4Drive production from the insolvent Varta Group," the report stated. Varta initially declined to comment on this.
It became known at the beginning of July that Porsche was prepared to take a majority stake in V4Drive. A non-binding agreement had already been signed, but the entry of Porsche AG depended on various conditions, Varta stated at the time. V4Drive was once seen as a major hope for Varta, but has turned out to be a burden instead. Due to a lack of orders, the company put the construction of a factory for large lithium-ion batteries on hold. Porsche had already ordered battery cells from Varta in 2021, but there were no reports of further orders.
- Already in July, a non-binding agreement for Porsche to take a majority stake in V4Drive was signed, as reported by Varta.
- Despite initially seeing V4Drive as a major hope, the battery division has become a burden for Varta, leading to the halt of a factory's construction for large lithium-ion batteries.
- The Frankfurter Allgemeine Zeitung reported that Porsche's investment in Varta will not only involve a majority takeover of V4Drive but also a minority stake in the battery manufacturer itself.
