Volkswagen will invest 1,000 million euros for electric car batteries

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The Volkswagen Group has announced that it will invest 1,000 million euros in its first battery cell production plant in Europe, which will probably be located at its headquarters in Salzgitter, Germany. Everything depends, according to the consortium, on the general economic circumstances and that the price of energy is "attractive". There is even talk of gigafactories.

The German consortium has not given an approximate date when this production plant will start, but it has explained that a plant like this one will need at least three years. The Volkswagen Group explained that in the first phase, partnerships will be carried out with strategic suppliers in the field of battery cells, such as its well-known SKI partners, LG Chem and CATL. According to Reuters, Volkswagen will buy 50,000 million euros in battery cells from these suppliers.

A strategy that will boost the...



source https://www.electrichunter.com/ev-news/volkswagen-will-invest-1000-million-euros-electric-car-batteries

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