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 [Sitenote on the craziness of capital markets: On 16 November 2021 EV Startup Rivian briefly hit a 150B Dollar valuation <ref>https://www.bloomberg.com/news/articles/2021-11-16/rivian-whizzes-past-volkswagen-s-valuation-as-ev-mania-rages</ref> while having full year revenue of 55Million and a loss of over 4.5B USD <ref>https://finance.yahoo.com/quote/RIVN/balance-sheet?p=RIVN</ref>]
+== Subsidiaries ==
+=== Skoda ===
+Skoda CEO said that the VW's subsidiary is in the final stages of exiting Russia. "The talks (on the sale) are in the final stages, but I can't give you details until they are agreed by all parties," Chief Executive Klaus Zellmer said. Skoda's deliveries in Russia dropped to 18,300 vehicles in 2022 from  90,400 in 2021. It took an almost 700 million euros ($742 million) hit resulting from Ukraine war.<ref>https://finance.yahoo.com/news/vws-skoda-final-stages-exit-115602920.html</ref>
+=== PowerCo ===
+Thomas Schmall,  Volkswagen's board member in charge of Technology said that its PowerCo will invest in mines to lower the cost of battery sales, meet half of its demand and also sell to third party customers. PowerCo's first customer will be Ford, which is building 1.2 million vehicles in Europe based on Volkswagen's electric MEB platform. It plans to generate 20 billion euros ($21.22 billion) in revenue by 2030. This could be a great move given that 40% of EV costs come from the battery.<ref>https://www.reuters.com/business/autos-transportation/volkswagen-invest-mines-bid-become-global-battery-supplier-2023-03-17/</ref>
 ==References==
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