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VW Ponders Huge Battery Plant Project in Germany
Volkswagen AG tells analysts it is studying a plan to erect a giant factory in Germany to make battery cells, presumably for electric vehicles.
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Volkswagen AG tells analysts it is studying a plan to erect a giant factory in Germany to make battery cells, presumably for electric vehicles. Media reports say the facility could cost as much as €10 billion ($11.2 billion).
Earlier this week German news agency DPA cited company sources as saying the facility could be located in Salzgitter, about 50 km south of VW’s Wolfsburg headquarters.
The proposed battery plant would be akin to the huge battery cell “gigafactory” Tesla Motors Inc. is building outside Reno, Nev. VW’s facility would support the company’s goal of selling 1 million electric and plug-in hybrid vehicles per year by 2025. VW has said it will introduce 20 such models by 2020.
VW Chief Financial Officer Frank Witter tells analysts no decision has been made about the plant. Carmakers typically assemble their own EV batteries, but most rely on outside suppliers for the cells of which they are made. Tesla has estimated its gigafactory's capacity will enable it to reduce the cost of EV batteries 30%.
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