Volkswagen Bundles Battery Activities
July 07 2022 - 9:57AM
Dow Jones News
By Kim Richters
Volkswagen AG said Thursday that it is bundling its global
battery operations under the roof of newly launched company
PowerCo, which will manage the car maker's activities across the
entire battery value chain.
The German car maker said the subsidiary has to potential to
generate annual sales of more than 20 billion euros ($20.37
billion) and will have up to 20,000 employees across Europe.
"Up to 2030, PowerCo is to invest more than EUR20 billion
together with partners in the development of the business area,"
Volkswagen said.
The auto maker on Thursday broke ground for its first
battery-cell factory in Salzgitter, Germany, where production for
the electric-vehicle components will start in 2025. The next
factory will be built in Valencia, Spain.
"The battery cell business is one of the cornerstones of our new
auto strategy which will make Volkswagen a leading provider of the
sustainable, software-driven mobility of tomorrow," Volkswagen
Chief Executive Herbert Diess said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
July 07, 2022 09:42 ET (13:42 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Volkswagen (TG:VOW3)
Historical Stock Chart
From Aug 2024 to Sep 2024
Volkswagen (TG:VOW3)
Historical Stock Chart
From Sep 2023 to Sep 2024