Volkswagen (VWAGY) will bring EV batteries in-house and set a timeline for switching to solid-state batteries, sharpening its challenge to Tesla (TSLA). Volkswagen stock rose.
The world's second largest automaker by sales outlined a significant new EV roadmap Monday, focusing on batteries and charging technology.
By 2030, the German auto giant will set up six "gigafactories" for battery cells in Europe, relying on both partnerships and the expansion of in-house production.
Volkswagen also will hike investment in Sweden's Northvolt, its leading supplier of battery cells, including a $14 billion order over the next decade. The plants will have a combined production capacity of 240 gigawatt hours per year, VW said.
Volkswagen has partnered with solid-state battery maker QuantumScape (QS) for nearly a decade. In 2018, the companies set up a joint venture to make solid-state batteries and VW now owns a stake in the California-based company.
Last November, VW hiked its planned investment on digital and EV technologies to 73 billion euros ($86 billion) over the next five years, up from 60 billion euros.
On Monday, Volkswagen also announced plans for a vast expansion in EV charging infrastructure. By 2025, it sees 18,000 public fast-charging points in Europe, a fivefold expansion vs. today.In addition, Volkswagen will deploy fast-charging points at gas stations run by Great Britain's BP, Spain's Iberdrola and Italy's Enel. It's also expanding public fast-charging networks in the U.S. and China.
The world's second largest automaker by sales outlined a significant new EV roadmap Monday, focusing on batteries and charging technology.
By 2030, the German auto giant will set up six "gigafactories" for battery cells in Europe, relying on both partnerships and the expansion of in-house production.
Volkswagen also will hike investment in Sweden's Northvolt, its leading supplier of battery cells, including a $14 billion order over the next decade. The plants will have a combined production capacity of 240 gigawatt hours per year, VW said.
Volkswagen has partnered with solid-state battery maker QuantumScape (QS) for nearly a decade. In 2018, the companies set up a joint venture to make solid-state batteries and VW now owns a stake in the California-based company.
Last November, VW hiked its planned investment on digital and EV technologies to 73 billion euros ($86 billion) over the next five years, up from 60 billion euros.
On Monday, Volkswagen also announced plans for a vast expansion in EV charging infrastructure. By 2025, it sees 18,000 public fast-charging points in Europe, a fivefold expansion vs. today.In addition, Volkswagen will deploy fast-charging points at gas stations run by Great Britain's BP, Spain's Iberdrola and Italy's Enel. It's also expanding public fast-charging networks in the U.S. and China.