VOLKSWAGEN yesterday teamed up with Belgian materials firm Umicore and announced a €3bn (£2.6bn) battery parts joint venture.
The German powerhouse is the latest automotive maker aiming to bring battery production in-house to protect it from geopolitical tensions as it also reduces logistics costs.
While raw materials will be sourced from around the world, the venture will produce 160GWh worth of cell capacity a year, enough to power around 2.2m EVs.
Even though the mass ramp up will likely take place at Umicore's Polish plant, cathode production is scheduled to begin in 2025 at
Volkswagen's German factory in Salzgitter. The automotive maker will start with 40GWh of capacity by 2026, with plans to build six factories in Europe for a total of 240GWh of capacity by the end of the decade.
Volkswagen - set to overtake Tesla as the world's largest maker of battery EVs by 2024 - has pledged to build 800,000 EVs by the year's end.
(c) 2022 City A.M., source Newspaper