Elon Musk on Twitter appreciates VW’s $20 billion investment to build EV batteries
Image courtesy:ZeeNews
On Friday, World’s richest man, Elon Musk takes on Twitter to appreciate Volkswagen (VW) for investing $20.38 billion to build electric vehicle batteries.
“Great”, Musk replied to the news.
Great!
— Elon Musk (@elonmusk) July 8, 2022
VW says that this huge investment will create 20,000 jobs and generate $20.38 billion in annual sales.
The automaker will start a new company called Power Co to oversee the vast effort as VW races to secure enough capacity, materials, and supplies to power its EV ambitions.
Power Co will manage the entire VW battery supply chain, from research and development of new technologies to the mining of the raw materials to end-of-life recycling.
The announcement was done at a groundbreaking ceremony for the company’s first battery plant in Salzgitter, a city in Germany.
“Last year, VW unveiled plans to build six battery cell production plants in Europe by 2030, including the facility in Salzgitter and one in Skelleftea, Sweden. A third plant will be established in Valencia, Spain, and the fourth factory will be based in Eastern Europe. The company is also exploring plans to build future gigafactories in North America,” a source as per Slashdot.
