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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Delayed Quote. Delayed Xetra - 07/30 11:42:10 am
205.5 EUR   -0.75%
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Volkswagen : invests $620 mln in Northvolt to secure battery supply

06/09/2021 | 03:26am EDT

* Volkswagen takes part in $2.75 bln funding round

* Volkswagen keeps Northvolt stake stable at 20%

* Northvolt to produce 40 GWh worth of batteries for VW

FRANKFURT, June 9 (Reuters) - Volkswagen said on Wednesday it was investing a further $620 million in Swedish battery maker Northvolt, in a bid to secure cell capacity for its electric vehicle push.

The investment, part of a $2.75 billion funding round launched by the maker of lithium-ion batteries, will keep Volkswagen's stake stable at around 20% and follows an initial 900 million euro investment in 2019.

"With this investment, we are strengthening our strategic partnership with Northvolt as a supplier of sustainable battery cells which are produced using renewable energy and are comprehensively recyclable," Volkswagen finance chief Arno Antlitz said.

The latest funds are to be used for capacity expansion in the areas of production, recycling and research and development, Volkswagen said.

Northvolt effectively forms the first of six gigafactories Volkswagen plans to launch in Europe by 2030 to secure batteries as part of its efforts to overtake Tesla as the world's largest player in the electric vehicle space.

Northvolt will start producing cells for Volkswagen from 2023, with capacity earmarked for Europe's largest carmaker to be expanded to up to 40 gigawatt hours a year over time, the company said. (Reporting by Christoph Steitz; Editing by Riham Alkousaa and Madeline Chambers)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TESLA, INC. 1.45% 687.2 Delayed Quote.-2.62%
VOLKSWAGEN AG -0.75% 205.5 Delayed Quote.34.82%
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Financials
Sales 2021 252 B 299 B 299 B
Net income 2021 14 910 M 17 694 M 17 694 M
Net cash 2021 33 649 M 39 931 M 39 931 M
P/E ratio 2021 7,21x
Yield 2021 3,70%
Capitalization 125 B 148 B 148 B
EV / Sales 2021 0,36x
EV / Sales 2022 0,31x
Nbr of Employees 662 653
Free-Float 56,8%
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Technical analysis trends VOLKSWAGEN AG
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Mean consensus BUY
Number of Analysts 25
Last Close Price 205,50 €
Average target price 280,71 €
Spread / Average Target 36,6%
EPS Revisions
Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Chief Financial Officer
Hans Dieter Pötsch Chairman-Supervisory Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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