Volkswagen: to invest E900m in batteries for electric cars

(CercleFinance.com) - Ahead of the implementation of its strategy for electric cars, Volkswagen has announced making an investment of approximately 900 million euros in battery-related activities with Northvolt.


Part of this sum will go to a joint venture with the Swedish producer of battery cells, with another part going directly to Northvolt.

In return, Volkswagen will acquire approximately 20% of Northvolt's shares and will have one seat on its Board of Directors.

A 50/50 joint venture will be created over the year for the construction of a 16 GWh battery cell factory in Europe. The companies plan to install the plant in Lower Saxony (Salzgitter). Its construction is expected to begin no earlier than 2020. Battery cell production is expected to start in late 2023/early 2024.



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