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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(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 (EUR)
Sales 2019 244 B
EBIT 2019 17 371 M
Net income 2019 13 332 M
Finance 2019 22 392 M
Yield 2019 4,04%
P/E ratio 2019 5,68x
P/E ratio 2020 5,26x
EV / Sales2019 0,22x
EV / Sales2020 0,19x
Capitalization 76 693 M
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Mean consensus BUY
Number of Analysts 27
Average target price 190,65  €
Last Close Price 151,40  €
Spread / Highest target 58,5%
Spread / Average Target 25,9%
Spread / Lowest Target -16,8%
EPS Revisions
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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