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Volkswagen's (VWAGY) Porsche Joins QuantumScape for Electric 911
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Volkswagen’s (VWAGY - Free Report) subsidiary Porsche shared its long-term electrification goals and plans for futuristic EVs. Rumors are rife that the automaker is jointly working with QuantumScape (QS - Free Report) to integrate the latter’s solid-state batteries into future Porsche EVs like the iconic electric 911 sports car.
Although an electric 911 model had seemed to be a far cry from reality in the past, joint efforts from Volkswagen Group and QuantumScape enabled Porsche to offer this model.
Porsche is rapidly transitioning to the EV domain that began with the popular Taycan, which will soon be followed by an all-electric Macan. During a recent financial call, Porsche reported that it delivered more than 300,000 vehicles globally in 2021, and a whopping 41,296 among those were the all-electric Taycan models, outdoing the combustion version of Porsche 911.
Porsche expects half of its new sales to be generated by EVs within 2025 and also aims to electrify 80% of its vehicles by 2030. It achieved an all-time high in both sales and operating profit in 2021. Globally, Porsche delivered 301,915 vehicles, exceeding the 300,000 mark for the first time in its history. At 2021 end, revenues were a thumping €33.1 billion, equivalent to $36.7 billion, up €4.4 billion year over year, and operating profit jumped 27% to €5.3 billion ($5.9 billion).
Volkswagen is the largest shareholder in QuantumScape, with an investment of $100 million in 2018, followed by another $200 million in 2020.
After a SPAC merger in 2020, the financing reached a whopping $1 billion. QuantumScape is striving hard to make a mark in solid-state batteries technology that can alter charge speeds and ensure safety of future EVs.
Meanwhile, talks on VWAGY’s subsidiary Porsche going public are also underway. The IPO of Porsche is likely to value the automaker at around $90 billion.
Shares of Volkswagen have declined 21% over the past year against the industry’s 22.9% rise.
Harley-Davidson has an expected earnings growth rate of 2.2% for the current year. The Zacks Consensus Estimate for its current-year earnings has been revised around 28.1% upward in the past 60 days.
Harley-Davison’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. HOG pulled off a trailing four-quarter earnings surprise of 77.6%, on average. The stock has gained 4.2% over the past year.
Tesla has an expected earnings growth rate of 42.3% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 4.5% upward in the past 60 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 33.3%, on average. The stock has risen 71.7% over the past year.
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Volkswagen's (VWAGY) Porsche Joins QuantumScape for Electric 911
Volkswagen’s (VWAGY - Free Report) subsidiary Porsche shared its long-term electrification goals and plans for futuristic EVs. Rumors are rife that the automaker is jointly working with QuantumScape (QS - Free Report) to integrate the latter’s solid-state batteries into future Porsche EVs like the iconic electric 911 sports car.
Although an electric 911 model had seemed to be a far cry from reality in the past, joint efforts from Volkswagen Group and QuantumScape enabled Porsche to offer this model.
Porsche is rapidly transitioning to the EV domain that began with the popular Taycan, which will soon be followed by an all-electric Macan. During a recent financial call, Porsche reported that it delivered more than 300,000 vehicles globally in 2021, and a whopping 41,296 among those were the all-electric Taycan models, outdoing the combustion version of Porsche 911.
Porsche expects half of its new sales to be generated by EVs within 2025 and also aims to electrify 80% of its vehicles by 2030. It achieved an all-time high in both sales and operating profit in 2021. Globally, Porsche delivered 301,915 vehicles, exceeding the 300,000 mark for the first time in its history. At 2021 end, revenues were a thumping €33.1 billion, equivalent to $36.7 billion, up €4.4 billion year over year, and operating profit jumped 27% to €5.3 billion ($5.9 billion).
Volkswagen is the largest shareholder in QuantumScape, with an investment of $100 million in 2018, followed by another $200 million in 2020.
After a SPAC merger in 2020, the financing reached a whopping $1 billion. QuantumScape is striving hard to make a mark in solid-state batteries technology that can alter charge speeds and ensure safety of future EVs.
Meanwhile, talks on VWAGY’s subsidiary Porsche going public are also underway. The IPO of Porsche is likely to value the automaker at around $90 billion.
Shares of Volkswagen have declined 21% over the past year against the industry’s 22.9% rise.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
VWAGY currently has a Zacks Rank #3 (Hold).
Better-ranked players in the auto space include Harley-Davidson (HOG - Free Report) and Tesla (TSLA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Harley-Davidson has an expected earnings growth rate of 2.2% for the current year. The Zacks Consensus Estimate for its current-year earnings has been revised around 28.1% upward in the past 60 days.
Harley-Davison’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. HOG pulled off a trailing four-quarter earnings surprise of 77.6%, on average. The stock has gained 4.2% over the past year.
Tesla has an expected earnings growth rate of 42.3% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 4.5% upward in the past 60 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 33.3%, on average. The stock has risen 71.7% over the past year.