Volkswagen Establishes European Company For Battery Business; To Make Salzgitter Its Battery Hub

(RTTNews) - Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE) has established a European company for the management of its own battery business. Soonho Ahn will take on a leading role in the development of battery cells. He was most recently Global Head of Battery Development at Apple.

Volkswagen is planning to establish six gigafactories in Europe. Battery cell production in Salzgitter is set to start in 2025. The Group is investing around 2 billion euros for the construction and operation of the Salzgitter gigafactory up to the start of production. Battery cell manufacture in Salzgitter is anticipated to provide jobs for more than 2,500 people, the company noted.

Volkswagen has plans to build additional gigafactories at sites in Spain and Eastern Europe. The company intends to open two more battery cell factories in Europe by 2030.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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