Volkswagen’s EV Battery Effort Keeps Its Executives Up at Night
Building a cell-making business is a major challenge, VW technology chief Thomas Schmall says.
Volkswagen electric vehicles at the company’s plant in Zwickau, Germany.
Photographer: Krisztian Bocsi/BloombergVolkswagen AG is trying to build up a leading battery maker to supply its ever-expanding fleet of electric vehicles — a feat so challenging, it’s leading to sleepless nights at Europe’s biggest carmaker.
The cell plants VW is setting up in Germany, Spain and Canada will underpin its shift away from the combustion engine. The automaker has earmarked €20 billion ($22 billion) worth of investment through 2030 to try and turn its one-year-old battery unit PowerCo into a behemoth with 20,000 workers and enough capacity for 3 million EVs a year. VW on Wednesday mapped out a renewed profit push, with Chief Financial Officer Arno Antlitz telling reporters the company remains open to eventually selling shares in PowerCo.