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A PERSON'S HAND RESTS ON A STEERING WHEEL THAT SPORTS THE PORSCHE LOGO. THE PORSCHE'S DASHBOARD CAN BE SEEN BEHIND THE WHEEL.
Moscow, Russia. August 2021. Photo: iStock.com/Wirestock

Porsche Looking for Investors, New Site for Cellforce Factory

July 26, 2023

After taking control of battery maker Cellforce Group, Porsche said July 26 it is looking for new investors and a new location for a planned 10-20 gigawatt-hour factory.

Porsche had previously acquired a 72.7% stake in Cellforce Group after it invested a double-digit million-euro sum in the company.

Chief financial officer Lutz Meschke said that Porsche executives are in talks with advisors and investors to help raise between €2 billion and €3 billion (between $2.2 billion and $3.3 billion) for the factory, according to Reuters. Further details on the investments will be announced by the end of 2023, he added.

Porsche currently has plans to also build a 1.3 gigawatt-hour plant in Baden-Wuerttemberg with production at that venue scheduled to begin in 2024. Chief executive officer Oliver Blume said the company is hoping to build the Cellforce plant in a different place, and that the location of the new, larger facility is still up in the air.

"We will have a beauty contest between European countries, the U.S. and maybe also Canada," Meschke said.