Volkswagen enters EV battery production business; To operate 6 battery plants by 2030

RahulNagaraj · 14th July 2022, 17:32

Volkswagen Group recently held a symbolic "groundbreaking ceremony" at its first EV battery manufacturing facility in Salzgitter, Germany.

The auto giant also established a new subsidiary called PowerCo, which will be responsible for the Group's global battery business. The new battery facility is expected to begin production operations in 2025 and is said to have a planned capacity of 40 gigawatt-hours.

Volkswagen enters EV battery production business; To operate 6 battery plants by 2030-vwlogo.jpg

In addition to cell production, the new subsidiary (PowerCo) will also be responsible for activities along the entire battery value chain. By 2030, the new company is expected to invest 20 billion euros together with its partners towards the development of business areas, generate annual sales of 20 billion euros and employ over 20,000 people in Europe alone.

The new facility is said to be the first of six identical battery production facilities spread across different parts of Europe. Reports also state that by 2030, the 6 production facilities intend to have a combined volume of 240 GWh across Europe. This will also help bring down costs of batteries by up to 50%.

Source: Financial Express

Link to Team-BHP news

14th July 2022, 17:32	#1
RahulNagaraj Senior - BHPian Join Date: Mar 2021 Location: Bangalore Posts: 2,128 Thanked: 20,687 Times	Volkswagen enters EV battery production business; To operate 6 battery plants by 2030 Volkswagen Group recently held a symbolic "groundbreaking ceremony" at its first EV battery manufacturing facility in Salzgitter, Germany. The auto giant also established a new subsidiary called PowerCo, which will be responsible for the Group's global battery business. The new battery facility is expected to begin production operations in 2025 and is said to have a planned capacity of 40 gigawatt-hours. In addition to cell production, the new subsidiary (PowerCo) will also be responsible for activities along the entire battery value chain. By 2030, the new company is expected to invest 20 billion euros together with its partners towards the development of business areas, generate annual sales of 20 billion euros and employ over 20,000 people in Europe alone. The new facility is said to be the first of six identical battery production facilities spread across different parts of Europe. Reports also state that by 2030, the 6 production facilities intend to have a combined volume of 240 GWh across Europe. This will also help bring down costs of batteries by up to 50%. Source: Financial Express Link to Team-BHP news
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