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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen    VOW3   DE0007664039

VOLKSWAGEN

(VOW3)
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Volkswagen : pushes battery partners to build Gigafactories

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04/14/2019 | 11:36pm EDT
FILE PHOTO: A Volkswagen logo is seen on a new car model at the 89th Geneva International Motor Show

SHANGHAI (Reuters) - Volkswagen is pushing its joint venture partners including SK Innovation (SKI) to build electric car battery plants which have at least one Gigawatt manufacturing capacity, Chief Executive Herbert Diess told Reuters.

"Anything below that amount would make little sense," Diess said on the sidelines of the Shanghai Auto Show on Sunday.

Volkswagen will buy 50 billion euros ($56.57 billion) worth of battery cells for electric cars and has identified South Korea's SKI, LG Chem and Samsung SDI as strategic battery cell suppliers as well as China's Contemporary Amperex Technology Co Ltd (CATL).

The German automaker is retooling 16 factories to build electric vehicles and plans to start producing 33 different electric cars under the Skoda, Audi, VW and Seat brands by mid 2023.

"We are considering an investment in a battery manufacturer in order to reinforce our electrification offensive and build up the necessary know-how," Volkswagen said.

SKI is building a battery cell manufacturing plant in the United States to supply Volkswagen's plant in Chattanooga, Tennessee.

SKI will supply lithium-ion battery cells for an electric car that Volkswagen plans to start making in Chattanooga in 2022.

LG Chem, Samsung and SKI on will also supply battery cells for Volkswagen in Europe. CATL is the automaker's strategic partner for China, and will supply batteries for its electric fleet from 2019.

(Reporting by Edward Taylor; Editing by Christopher Cushing)

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Financials (€)
Sales 2019 243 B
EBIT 2019 18 039 M
Net income 2019 13 980 M
Finance 2019 25 068 M
Yield 2019 3,75%
P/E ratio 2019 5,67
P/E ratio 2020 5,56
EV / Sales 2019 0,23x
EV / Sales 2020 0,20x
Capitalization 81 506 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 190 €
Spread / Average Target 19%
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Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Member-Supervisory Board
Bernd Osterloh Member-Supervisory Board
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