Volkswagen announces battery cell production plans in Germany

By Akshay Kedari  Date: 2019-05-16

Volkswagen announces battery cell production plans in Germany

Volkswagen, the German multinational automotive manufacturing company announced that it will invest over 1 billion euros in battery cell manufacturing at a facility in west Germany and is looking to simplify the group by spinning out or selling units.

Sources cite that the company said in a statement that it plans to set up the battery facility in Lower Saxony under partnership, only after a supervisory board meeting. It also plans to start discussing about setting up a multi-brand plant in Europe.

In the automotive industry, battery cells have become a key field of contention as the industry shifts to electric mobility. Presently, the automotive industry mainly sources its requirements from Asian manufacturers.

Reportedly, Volkswagen stated that it has been looking for options for its large-bore diesel engines and marine turbomachinery manufacturer, MAN Energy Solutions as well as transmissions maker, Renk that include partnerships, joint ventures and full or partial sale.

Source familiar with the knowledge of the matter, reported earlier that Volkswagen has been approaching several companies to estimate their interest in buying MAN Energy Solutions and in case of a potential sale the profit is expected to be about 3 billion euros.

As per credible sources, Volkswagen Chief Executive Officer Herbert Diess is determined to slim down and simplify Volkswagen group that owns 12 brands, buses, cars, trucks, electric bicycle and motorbikes as a part of its business. Last year, Diess has been reported saying that the company was considering to build its own solid-state battery cells with a possible production commencing on 2024 or 2025.

Hans Dieter Poetsch was reportedly quoted stating that given the ever-evolving complexities of the industry and the related challenges, it is important to focus on core businesses.

Volkswagen also plans to resume its preparation for an initial public offering of Traton, the truck unit of the company, which has been put on hold in March, due to volatile conditions of the market.

Source credit: https://in.reuters.com/article/volkswagen-electric/volkswagen-to-make-batteries-in-germany-slim-down-idINKCN1SK0CQ

https://www.reuters.com/article/volkswagen-electric/volkswagen-set-to-announce-battery-production-plans-sources-idUSFWN22P0Y5

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Apple’s iPhone 13 production may take a hit due to global chip shortage

Apple’s iPhone 13 production may take a hit due to global chip shortage

By Akshay Kedari

Apple Inc. is likely to cut down production of its iPhone 13 model by approximately 10 million units on account of the global chip shortage. The American multinational technology company was previously expected to manufacture 90 million units of the ...

Israel's GoTo Global acquires German e-moped sharing platform emmy

Israel's GoTo Global acquires German e-moped sharing platform emmy

By Akshay Kedari

Israel-based multimodal vehicle sharing services provider GoTo Global Mobility Ltd. has reportedly acquired Germany’s shared e-scooter company emmy. The acquisition will allow GoTo Global to enter the German market as well as accelerate its Eur...

German airline Lufthansa adds four new planes to its A350 fleet

German airline Lufthansa adds four new planes to its A350 fleet

By Akshay Kedari

Deutsche Lufthansa AG recently revealed that it has agreed to take four new Airbus A350-900 long-haul passenger aircraft on lease, utilizing newer planes that are left grounded as airlines reorganize their balance sheets in the wake of the ...

Samsung fined USD 47 million by Dutch watchdog for price-fixing TVs

Samsung fined USD 47 million by Dutch watchdog for price-fixing TVs

By Akshay Kedari

South Korean electronics manufacturing giant Samsung Electronics Co. Ltd. has been charged a penalty of USD 46.9 million by the Dutch competition watchdog Authority for Consumers and Markets (ACM) for price-fixing practices in the Netherlands. The m...

TEA-Lab, MED-EL unveil the world's first multifunction hearing aid app

TEA-Lab, MED-EL unveil the world's first multifunction hearing aid app

By Akshay Kedari

Communication solution provider for cloud meetings Tencent Ethereal Audio Lab (TEA-Lab) together with Austria-quartered implantable hearing solutions leader MED-EL recently announced the launched a first-of-its-kind hearing aid app that incorporates ...