It was learned that Volkswagen was willing to participate in the consortium of German electric car batteries. The subject will be discussed at the board meeting this week.
Although no official statement has yet been made from the company, Volkswagen CEO Herbert Diess argues that Germany should reduce its dependence on Asia on its car batteries.
Volkswagen had previously signed a multi-billion-dollar procurement contract with LG Chem and Chinese Contemporary Amperex Technology fittings. Now the German government is trying to build a multi-company consortium to meet the increasing demand for electric car batteries in Europe.
The government has allocated 1 billion euros to support the consortium. The consortium will also conduct research on the next generation solid-state batteries.
Although there have been significant advances in lithium ion battery technology in recent years, companies are looking for ways to produce more stable and powerful batteries. Some companies, such as the German battery manufacturer VARTA Microbattery, the chemical giant BASF and Ford-Werke, a subsidiary of Ford in Germany, are planning to build a new battery factory in Germany.
Most German car manufacturers are currently using electric car batteries produced in the Polish factory of South Korean LG Chem.
Legal warning !
The information, comments and suggestions there are not covered by investment advice. It is based on the author's personal opinions. These views may not fit your financial situation and risk and return preferences. For this reason, based solely on this information, investment decisions may not have the appropriate consequences for your expectation. Our Site is not responsible for any direct or indirect damages incurred by the investors as a result of the use of the information on the Site, deficiencies in the sources, damages incurred by profit, moral damages, or damage to third parties.