Volkswagen has broken ground for its first battery production factory in Salzgitter, Germany last week in the presence of Chancellor Olaf Scholz.
Production will start in 2025. With immediate effect, responsibility for global battery business is to be held by the newly created company “PowerCo”. In addition to cell production, the new company will be responsible for activities along the entire battery value chain.
Up to 2030, PowerCo is to invest more than €20 billion together with partners in the development of the business area, to generate annual sales in excess of €20 billion and to employ up to 20,000 people in Europe alone. [Read more…] about Volkswagen enters global electric vehicle battery business