VW Warns Soaring EU Energy Costs Render Battery Plants Unviable

Investment in German and EU industrial projects such as battery-cell factories will be unfeasible if the region’s policy makers fail to control ballooning energy prices in the long-term, the head of Volkswagen AG’s namesake brand said.

“Unless we manage to reduce energy prices in Germany and Europe quickly and reliably, investments in energy-intensive production or new battery cell factories in Germany and the EU will be practically unviable,” VW Brand Chief Executive Officer Thomas Schaefer wrote Monday on LinkedIn. “The value creation in this area will take place elsewhere.”