Volkswagen, one of the important figures in the automobile world, has launched an initiative called PowerCo for battery production.
The automobile world is experiencing a transition to electric vehicles. Many giant automotive companies are making huge investments to keep up with this transformation. Volkswagen, one of the most important players in this sector, is making a major investment in batteries, one of the problems in electric cars.
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Volkswagen establishes PowerCo to produce batteries for electric vehicles
An important breakthrough for the electric car world took place today. The Volkswagen group launched a subsidiary called PowerCo, investing $20.38 billion to build electric vehicle batteries.
Volkswagen has launched a new initiative to produce sufficient capacity, materials and consumables. The company will address many of Volkswagen’s needs, from research and development of new technologies to raw material mining and end-of-life recycling.
The company is currently working with LG Energy Solution and SK Innovation. The new initiative is expected to reduce costs in battery production. It is rumored that this could lower electric car prices in the future.
Volkswagen plans to increase the number of battery production facilities to 6, not limited to this plant. Including this plant and the one in Skelleftea in Sweden, investment plans are underway in Valencia, Spain, Eastern Europe and North America. If these plans are realized, Volkswagen will have a production capacity of 240 gigawatt-hours per year.
