Another EV Giant Enters The Battery Business
Date: Jan 28, 2019
German auto maker giant Volkswagen has just upped its bet on electric vehicles (EVs) by announcing it will begin manufacturing batteries and charging stations for those cars, which the company plans to also start mass producing soon.
The Wolfsburg-based company said it would invest 870 million euros (about $985 million) by 2020 to develop e-vehicle components, adding that its components division, which makes engines and steering parts, will now be in charge of producing, packing and overseeing recycling of battery cells and packs.
Volkswagen has been actively promoting the electric push by creating global production capacities for the construction of one million EVs.
VW has been actively promoting the electric push by creating global production capacities for the construction of 1 million electric cars. Late last year, it announced it would spend nearly $50 billion to refocus on the making of electric cars, autonomous vehicles and new mobility services.
