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Volkswagen Breaks Ground on $20 Billion Battery Unit’s First Cell Plant

  • Carmaker starts construction on Salzgitter factory in Germany
  • Battery unit PowerCo to invest some 20 billion euros by 2030
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VW Plans to Build Battery Plant in US, CEO Says
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Volkswagen AG broke ground on a new battery plant in Germany on Thursday, saying the factory marks the first step in an effort that will generate more than 20 billion euros ($20.4 billion) in annual revenue by the end of the decade.

The Salzgitter venture is one of six battery plants VW has planned for Europe. PowerCo, the unit formed to oversee the carmaker’s global battery business, is expected to invest more than 20 billion euros in five of the factories by 2030, creating roughly 20,000 jobs in Europe, according to a statement.