The Financial Post reports in its Thursday edition that Volkswagen's battery business is being forced to seek external financing after the German carmaker cut its five-year spending plan. A Bloomberg dispatch to the Post says third party financing "is an option that we are looking into more closely than before," Powerco chief executive officer Frank Blome told reporters at the unit's plant in Salzgitter, Germany. Bank loans, external investors and a potential public offering are all options under consideration after the unit's budget was reduced. Volkswagen management is in the midst of deciding the details of its five-year planning round, which has been reduced to 160 billion euros ($188-billion (U.S.)) from 180 billion euros two years ago. The carmaker annually decides on how to divide up spending between factories, vehicle models and new technologies such as batteries, software and electric vehicles. The plan is expected to be unveiled in March. Powerco does not plan to halt construction at its three plants in Germany, Spain and Canada, but a solution for midterm financing is needed, Mr. Blome said. Powerco on Wednesday commissioned the Salzgitter gigafactory, Volkswagen's first battery-cell manufacturing site.