NEWS

Volkswagen considers setting up its own battery factory

Friday, May 27, 2016

Volkswagen is considering building a multi-billion-euro battery factory as part of a major expansion of its electric-car portfolio, company sources told the Handelsblatt, a leading German daily.

The factory will allow Volkswagen to operate independently of Asian firms like Panasonic, LG and Samsung that have dominated the battery market to date, the newspaper added.

The company's executive board looks to be in favour of approving the plan, which is also supported in principle by the works council and the state of Lower Saxony, its major shareholder, before the firm's annual meeting on June 22.

The company hopes that focusing on battery technology and electric cars can help it make a fresh start and improve its negative image after the "Dieselgate" scandal, the paper said.

 

Source : auto.economictimes.indiatimes.com