Volkswagen will invest almost 1 billion euros ($1.1 billion) in battery cell pro...
FILE PHOTO: People pass in front of a Volkswagen logo ahead of the Shanghai Auto Show, in Shanghai, China April 15, 2019. REUTERS/Aly Song/File Photo
Volkswagen said in a statement after a supervisory board meeting it would set up the battery facility in Lower Saxony under a partnership and would also begin talks on a planned new multibrand plant in Europe. Battery cells are a key battleground in the automotive industry as it shifts to electric mobility. Currently the industry chiefly sources its requirements from Asian manufacturers.
Reuters reported earlier this month that Volkswagen had approached several companies to gauge their interest in buying MAN Energy Solutions, which is expected to achieve a valuation of about 3 billion euros in a potential sale.
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