Volkswagen Group to invest just under €1B to set up battery cell production facility with partner in Lower Saxony
As part of its electrification offensive the Volkswagen Group will move forward with setting up a battery cell production facility in Europe under a partnership. To that end, the Supervisory Board approved investments of just under one billion euros. Volkswagen plans to locate the battery cell production facility in Lower Saxony (Salzgitter).
The Group has also decided to begin concrete negotiations on the planned new multibrand plant in Europe with the remaining potential locations. In addition, the Supervisory Board has requested the Board of Management to start the process to develop a forward-looking, industrially meaningful solution for MAN Energy Solutions (ES) and RENK AG.
The focus lies on opening future-oriented growth perspectives for mechanical engineering in the Group, for example though a joint venture, partnerships, or a full or partial sale.
Furthermore, the Group will prepare an IPO of TRATON SE to be launched before the 2019 summer break, subject to further market developments.