13 Mar '18, 11pm

Volkswagen Invests $25 Billion in Battery Supplies to Bolster EV Agenda

Volkswagen announced Tuesday that it had secured about $25 billion in battery supplies and technology, a sum it plans to scale up to about $60 billion as it looks to expand electric vehicle manufacturing. The announcement comes after Volkswagen’s diesel emissions scandal pushed it towards an electric agenda to save face. While the German manufacturer is just one of many auto giants planning to capitalize on the growing EV market, its investment is an aggressive one, especially for the world’s largest carmaker. So far, Volkswagen’s battery play includes partners in Europe and China, where the company sells roughly 80 percent of its vehicles. It plans to decide on North American suppliers soon. The German automaker will work with LG Chem, Samsung and Chinese battery maker Contemporary Amperex Technology Co Ltd, and currently has no plans to start producing battery packs by i...

Full article: https://www.greentechmedia.com/articles/read/volkswagen-2...

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Volkswagen Invests $25 Billion in Battery Supplies to Bolster EV Agenda

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