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Volkswagen AG (VWAPY)

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12.83+0.55 (+4.44%)
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  • Reuters

    Volkswagen, partners to invest over $20 billion in car battery business

    Volkswagen said on Thursday it would invest over 20 billion euros ($20.38 billion) in a battery cell business jointly with partners, creating 20,000 jobs and reaching annual sales above 20 billion euros by 2030 as it seeks leadership in the growing market. The PowerCo unit will manage VW's global battery production and research from raw material mining to recycling, and projects including energy storage systems, the carmaker said at the groundbreaking ceremony for its first European battery cell factory. "Today is a good day for the automotive industry in Germany," Chancellor Olaf Scholz said in a statement ahead of his speech at the ceremony.