Volkswagen’s plans to build 6 battery cell plants could cost USD 34 Bn
Category: #business  By Pranali Mehta  Date: 2021-12-03
  • share
  • Twitter
  • Facebook
  • LinkedIn
Volkswagen’s plans to build 6 battery cell plants could cost USD 34 Bn

German automaker Volkswagen AG is expecting the cost of its European battery plants as well as other raw material procurement to be around USD 34 billion.

Confirming the news, Thomas Schmall, one of the Board Members, was quoted saying that the company is expecting the vertical chain of raw materials as well as the factories to cost about 40 billion euros (US 34 billion). He added that Volkswagen is likely to look for outside partners for this funding, with added plans for a 50/50 investment split.

The automaker’s plans are dependent on the partnerships it enters in the next few months. It is pivotal for Volkswagen to be able to control the technology roadmap, timing, prices, and availability to enable the smooth rollout of the battery plants, Schmall claimed.

Notably, Volkswagen is planning to develop at least six large battery cell plants in Europe in this decade, a move that could help it overtake Tesla to become the world’s largest electric vehicle company. Even Sweden’s Northvolt AB, which is the first plant in which Volkswagen had invested, is expected to begin the production of premium cells for the German automaker from 2023.

The second plant, meanwhile, is slated to be operational by 2025 and will be jointly built with China’s Gotion High-Tech in Salzgitter. Apart from that, four more plants are likely to begin production by the end of this decade which will be located in Spain, eastern Europe, and at some undisclosed locations.

It is worth noting that each plant will cost around 2 billion euros to build, with capacity ranging from 40 to 80-gigawatt-hours (GWh), which will depend on the chemistry and the availability of enough energy supplies.

Source Credits-

https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/vw-expects-battery-raw-material-drive-to-cost-up-to-34-billion/88034059

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

WhatsApp to soon allow iOS users to hide online status from everyone
WhatsApp to soon allow iOS users to hide online status from everyone
By Pranali Mehta

WhatsApp, the meta-owned messaging and video calling app, is reportedly working on a feature that will offer iOS users the ability to hide their online status from everyone. As per credible source, the feature is expected to come in its update as it ...

Petrofac collabs with Hitachi over offshore joint grid integration
Petrofac collabs with Hitachi over offshore joint grid integration
By Pranali Mehta

Petrofac, an international energy services company, and Hitachi Energy have recently collaborated to provide a joint grid integration and linked infrastructure for supporting the fast-growing offshore wind market. As per sources, this collaboratio...

Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
By Pranali Mehta

The research report on Street Lighting Control System market Added by Market Study Report proposes a comprehensive study on the recent industry trends. In addition, the report presents a detailed abstract of the growth statistics, revenue estimation,...