Volkswagen and Partners to Invest $20-Billion in Car Battery Business

Automobile

Volkswagen and its partners will now invest over 20 billion euros in a battery cell business, which will be creating 20,000 jobs and are now targeting annual sales over 20 billion euros by 2030 as the company is seeking to beat Tesla, which leads in the growing market.

PowerCo unit of Volkswagen will be managing its battery production and research from mining to recycling, and the projects including energy storage systems. Olaf Scholz, chancellor of Germany, at the opening of the battery plant, said the future of mobility will once again be produced at the plant based in Salzgitter.

Volkswagen said its project will be aiming to provide help to the company catching up with and also outperforming Tesla. The chancellor of Germany said the novel Coronavirus pandemic and brutal attack by Russia on Ukraine will be making it clear dependence on the global supply chains means a great risk.

Volkswagen has repeatedly said that producing enough batteries to power all cars is still the biggest challenge of the shift to electric vehicles, and has launched out a plan to construct factories with a joint capacity of 240 gigawatt hours by 2030.

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Herbert Diess, chief executive of Volkswagen, said the car remains the core of their business, but it will be the most complex digital product in the world when it becomes autonomous and electric, making the company into battery manufacturers.

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