Volkswagen's planned European battery cell plants and securing vital raw materials will cost as much as 30 billion euros ($34 billion), board member Thomas Schmall said, putting a price tag on the expansion for the first time. Schmall, who is in charge of technology at Europe's largest carmaker, said in an interview at the Reuters Next conference that Volkswagen would seek outside partners to fund it. "We are talking about 25 to 30 billion (euros) ... including the vertical chain of raw materials, not only the factories," the 57-year old said, adding VW would not have to take the lead on funding and was not aiming for a 50/50 investment split.
(Bloomberg) -- SAIC Motor Corp. is planning a fresh round of fundraising for its mobility service platform Xiangdao Chuxing, according to people familiar with the matter, as it seeks to stay competitive amid shifts in the automotive industry. Most Read from BloombergReliving the New York Subway Map DebateChina Cash Flowed Through Congo Bank to Former President’s Cronies‘Pension Poachers’ Are Targeting America’s Elderly VeteransChina’s biggest carmaker, which counts Volkswagen AG and General Moto
Volkswagen CEO Herbert Diess, currently under heavy fire from unions over strategy, struck an upbeat tone at a recent manager meeting on talks over the company's five-year investment plan, including the future of its Wolfsburg plant. According to a copy of his speech from a meeting over the last week, seen by Reuters, Diess said negotiations with unions were going well, and hailed the company's progress on everything from beating U.S. competitors on autonomous driving to boosting sales in China. VW was past the worst of the supply chain crisis that has hit production this year, he added, with volumes starting to rise and next year's outlook improving.