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Volkswagen to Build $2.2 Billion New EV Plant to Keep Up With Tesla

  • German factory will make new model range code-named Trinity
  • Plant will drastically cut time it takes to manufacture cars
A Volkswagen ID.4 electric vehicle.

A Volkswagen ID.4 electric vehicle.

Photographer: Liesa Johannssen-Koppitz/Bloomberg
From

Volkswagen AG is moving ahead with a plan to add an electric-car factory in Germany to keep pace with Tesla Inc., whose plant near Berlin is set to ramp up in the coming weeks.

VW’s new plant, set to cost around 2 billion euros ($2.2 billion), will be built close to it’s sprawling facility in Wolfsburg, the company said Friday, on the heels of Tesla receiving final approvals. The site, which will make a new model named code-named Trinity, will start construction in 2023 with cars rolling off the production line from 2026.