VW, partners to invest over $20 billion in car battery business

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VW and partners broke ground on a new plant in Salzgitter, Germany, the first of six plants to produce EV batteries, an investment of over $20 billion.

cell business jointly with partners, creating 20,000 jobs and reaching annual sales above 20 billion euros by 2030 as it seeks leadership in the growing market.global battery production and research from raw material mining to recycling, and projects including energy storage systems, the carmaker said at the groundbreaking ceremony for its first European battery cell factory.

Volkswagen has repeatedly said making enough batteries to power all cars is by far the biggest challenge of the shift to, and has rolled out a plan to build factories with a joint capacity of 240 gigawatt hours by 2030.

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