Hyperdrive
VW to Spend $2.3 Billion on Battery Hub, Sets Up Separate Unit
- New company to manage plants, development, recycling
- Carmaker has said it’s weighing listing for battery business
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Volkswagen AG will invest 2 billion euros ($2.3 billion) in a planned battery hub in Germany as part of a decision to create a dedicated company for the carmaker’s battery business.
The new unit will consolidate the processing of raw materials, battery development and managing its six future European cell factories, the region’s biggest automaker said Monday. It’ll also work on designing new business models around reusing discarded car batteries and recycling.