Porsche buys controlling stake in HEV battery maker V4Drive

Porsche announced on 17 August 2024 that it will purchase a controlling stake in lithium-ion cell maker V4Drive, part of Varta. The latter has been reorganising itself in an effort to shrink its debt from a self-reported €485m (US$535m), accrued due to persistent supply chain issues and the ripple effects of a cyber attack that affected five of its plants in February. Porsche will jointly own the company with entrepreneur Michael Tojner, who is already a major shareholder. A third partner may be announced.