Volkswagen will invest 20 billion in batteries for electric vehicles

Volkswagen will invest 20 billion in batteries for electric vehicles


Volkswagen announced this Thursday (7) that it intends to invest 20.38 billion dollars in the construction of batteries for electric vehicles. According to the car manufacturer, the action should provide more than 20 thousand jobs and annual sales must exceed the amount invested. Furthermore, the plan is to create a new company, Power Companymanage this production line.

Power Co will be responsible for the entire battery supply chain, from Research and development from new technology to recycling at the end of its useful life. The announcement was made during the launch of Salzgitterin German.

Volkswagen factory in Salzgitter, GermanySource: Definition: Volkswagen

Herbert Diess, CEO of Volkswagen, announced that the battery cell business is one of the pillars of the New Auto strategy. “Establishing our cell factory is a major technical and economic project. It shows that we deliver modern technology of the future for Germany!”

In 2021, Volkswagen had already announced the desire to expand the production of electric cars in Europe. In an interview with the organization Reutersthe automaker announced that it would do so almost car sales and combustion engine from 2035.