On Monday, the German automaker, Volkswagen AG, had issued a statement saying the Wolfsburg-based, 82-year-old automaker were going to invest as much as $1.1 billion for manufacturing battery cell at a production facility hailing from the western part of Germany.
Apart from that, the automaker had also added that company had been exploring options to simplify its group either by going through a spin-off or selling units. Followed by a supervisory boardroom meeting on Monday, the leading automaker of 2018 in terms of sales excluding pickups, had said in a statement that the automaker would be setting up a battery facility on Lower Saxony under a partnership, however the automaker did not disclose with whom the German automaker was going to partner up.
Since the beginning of battle over e-vehicle dominance, battery cells had always been a key part for the automotive industry, and currently, the sector solely depends upon sources from Asian manufacturers. Besides, Volkswagen had also said in its statement that the automaker would be simplifying its business, which has currently been holding over 12 brands including trucks, buses, cars, electric bi-cycles and motorbikes.
Followed by the board meeting that seemed to be aiming towards potential revamps, Volkswagen’s Supervisory Board Chairman, Hans Dieter Poetsch said, “Given the ever-greater complexity of our industry and the related challenges, it is essential to focus on our core business”.