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As Musk Berates Analysts, VW Unleashes Massive Counterpunch

  • Carmaker doubles battery purchases to $48 billion within weeks
  • CEO sees need for joint European battery cell production
Bloomberg business news
VW's New CEO Herbert Diess Outlines Automaker's Plans
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A few hours after Elon Musk berated analysts for what he perceived as unimaginative questions, Volkswagen AG said it was writing a check for batteries that almost match Tesla Inc.’s entire market value.

VW has awarded 40 billion euros ($48 billion) in contracts to battery producers, double from just a few weeks ago. The deals take the German manufacturer within striking distance of its target to lock down 50 billion euros in supplies. By 2025, VW plans to sell as many as 3 million all-electric cars per year, Chief Executive Officer Herbert Diess told investors Thursday at the annual shareholder meeting in Berlin.