VW to invest EUR 2bn in battery production

The German automotive group plans to start making batteries in Salzgitter, Germany, starting from 2025.

BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

Volkswagen is investing EUR 2bn in battery production located in Salzgitter, Germany, with commissioning set for 2025, reports Bloomberg News.

The factory will expectedly employ more than 2,500 workers in the future. Before 2030, VW also intends to open two further battery plants, according to the media.

News emerged Thursday last week of the carmaker wanting to invest a triple-digit sum in EUR millions within the coming five years to close the gap between itself and Tesla while also keeping rivals such as Stellantis and Toyora at bay.

In total, VW will invest EUR 159bn, according to last week's reports.

Monday afternoon, the group's stock jumps by 1.9 percent to EUR 277.90 per share in Frankfurt trading.

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