January 25, 2019
SALZGITTER (Reuters) – Volkswagen said it would create a unit to manufacture electric car batteries, as it prepares to mass produce electric cars and overhaul its components division which currently makes engines, gearboxes and steering components.
Volkswagen on Friday said it is investing 870 million euros ($985.45 million) until 2020 into developing e-vehicle components, adding that the batteries division will take on responsibility for manufacturing battery cells and packs as well as overseeing recycling of old cells.
($1 = 0.8828 euros)
(Reporting by Jan Schwartz; Writing by Edward Taylor)