VW expects battery, raw material drive to cost up to $34 billion

VW expects battery, raw material drive to cost up to $34 billion

VW expects battery, raw material drive to cost up to $34 billion

Information about VW expects battery, raw material drive to cost up to $34 billion

Kevin David Scam or Legit


By Christoph Steitz
FRANKFURT (Reuters) – Volkswagen’s planned European battery cell plants and securing vital raw materials will cost as much as 30 billion euros ($34 billion), board member Thomas Schmall said, putting a price tag on the expansion for the first time.
Schmall, who is in charge of technology at Europe’s largest carmaker, said in an interview at  the  Reuters Next conference that Volkswagen would seek outside partners to fund it.
“We are talking about 25 to 30 billion (euros) … including the vertical chain of raw materials, not only the factories,” the 57-year old said, adding VW would not have to take the lead on funding and was not aiming for a 50/50 investment split.
“It depends on the partnership model we will establish in the next months. …

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