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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Volkswagen invests in mines to supply worldwide batteries

Volkswagen Logo Photo Credit: Sean Gallup Volkswagen Logo Photo Credit: Sean Gallup
Volkswagen Logo Photo Credit: Sean Gallup Volkswagen Logo Photo Credit: Sean Gallup

Volkswagen (VOWG p.DEtechnology )’s board member aims to invest in mines to lower battery cell prices, fulfill half of its own needs, and sell to other parties.

Thomas Schmall told Reuters that V.W. wants PowerCo, its battery company, to provide batteries worldwide.

He said Powerco would provide cells to Ford (F.N.) for the 1.2 million European vehicles it produces on Volkswagen’s electric MEB platform.

Schmall said V.W. would develop enough cells to cover half its worldwide battery demands in Europe and North America.

“The barrier for raw materials is mining capacity,” he stated.

The company was negotiating supply arrangements with Canadian mining firms for its first North American battery facility.

Schmall said VW would not comment on other places under consideration or when or where it would invest directly in mines until the market stabilized.

“Battery requirements will be limited. Our big volume and third-party sales firm aims to set standards “he said.

Volkswagen, Tesla (TSLA.O), and Stellantis (STLAM.MI) must find inexpensive batteries to make electric cars (EVs) affordable.

According to Reuters, only Tesla has invested more in battery production than VW, although even the U.S. EV company is trying to scale up production and attract Asian suppliers.


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