Volkswagen and PowerCo collaborate to invest more than USD 20 billion in the automotive battery industry.

Volkswagen announces plans to create battery cell factories in Europe and North America . New standardised battery cell will be used in 80% of Volkswagen ranges .

Germany: Volkswagen revealed on Thursday that it would invest more than 20 billion euros in a battery cell company jointly with partners, creating 20,000 jobs and achieving annual sales of over 20 billion euros by 2030 as part of its growing business.At the opening ceremony for VW's first European battery cell factory, the PowerCo unit would oversee global battery development and development, from raw material mining to recycling, as well as proposals including energy storage systems, the automaker said.In a statement released ahead of his address at the event, Chancellor Olaf Scholz said today is a productive day for the German automobile industry.Volkswagen has stated that making enough batteries to power all cars is by far the biggest challenge in the shift to electric cars, and has announced a proposal to create factories with a combined capacity of 240 gigawatt hours (GWh) by 2030.

With Volkswagen vehicle platforms, we've learned a million times: standardizing and scaling up improves reliability and cost optimization with the highest standard, according to PowerCo CEO Frank Blome.Volkswagen also unveiled a new standardised battery cell that had been announced in 2021 and will be used in up to 80% of the Volkswagen ranges at the function.