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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Real-time Estimate Tradegate  -  06:25:30 2023-02-02 am EST
130.99 EUR   +2.00%
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Volkswagen searching in Canada for first North American battery factory site

12/01/2022 | 05:08pm EST

OTTAWAVolkswagen AG has started searching in Canada for the site of its first battery factory in North America.

The automotive giant said its chief executive Oliver Blume has signed an agreement with Industry Minister François-Philippe Champagne to work to identify suitable sites.

The agreement comes as an addition to an August memorandum of understanding between the two that committed to investigate opportunities for Canada to contribute to VW's battery supply chains, including in raw materials and battery assembly.

"Today is the beginning of a long-term strategic partnership," Champagne said in an interview from Germany after he pitched Canada's case to 400 Volkswagen managers.

The North American electric vehicle market is at a turning point, said Blume, and the company is committed to investing across the region to leverage this historic opportunity.

The company said that as part of its site search it is looking not only for suitable land and infrastructure, but also adequate supplies of renewable energy and competitive financial conditions.

Champagne said while a site hasn't been announced yet, Volkswagen would not have made public statements about searching for one if they didn't intend to follow through and actually build a battery factory.

"It's a big statement," said Champagne.

He wouldn't disclose exactly where Volkswagen is looking but said it will be near where there are skilled workers, access to renewable energy and with proximity to critical minerals that will be used in the batteries.

That makes Ontario and Quebec the likely leading contenders.

Champagne will make the same kind of pitch to the board of Mercedes-Benz next week.

Canada has seen at least 10 major electric vehicle-related commitments totalling close to $16 billion since the start of 2021 as federal and provincial governments work to secure investments in the rapidly-evolving sector.

—With files from Mia Rabson

This report by The Canadian Press was first published Dec. 1, 2022.

© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Analyst Recommendations on VOLKSWAGEN AG
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Financials
Sales 2022 278 B 303 B 303 B
Net income 2022 16 553 M 18 073 M 18 073 M
Net cash 2022 39 659 M 43 301 M 43 301 M
P/E ratio 2022 3,93x
Yield 2022 6,69%
Capitalization 74 374 M 81 203 M 81 203 M
EV / Sales 2022 0,13x
EV / Sales 2023 0,12x
Nbr of Employees 645 868
Free-Float 56,8%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 128,42 €
Average target price 174,87 €
Spread / Average Target 36,2%
EPS Revisions
Managers and Directors
Oliver Ingo Blume Chairman-Management Board
Arno Antlitz Director-Controlling & Accounting
Hans Dieter P÷tsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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