BUSINESS Volkswagen to invest 1bn euros in battery production plant

BUSINESS

Volkswagen to invest 1bn euros in battery production plant

AP

16:46, May 14, 2019

Automaker Volkswagen AG says it is investing 1 billion euros ($1.12 billion) to set up a battery production plant in Germany.

AP19134271293952.jpg

Herbert Diess, CEO of the Volkswagen stock company, poses next to a Volkswagen car prior to the company's annual general meeting in Berlin, Germany, Tuesday, May 14, 2019. (Photo: AP)

Chief executive Herbert Diess said Tuesday that the factory is part of the company's effort to electrify its vehicles.

He said the plant will be built in the northern city of Salzgitter, which has ready access to vast wind power plants in the region.

Volkswagen is trying to move on from the diesel emissions scandal, which has so far cost the company 30 billion euros.

The announcement comes after rival Daimler announced Monday that it aims to make all of its passenger cars carbon-neutral by 2039.

Emissions in Germany's transport sector have stagnated since 1990, putting a drag on the country's efforts to reduce greenhouse gas emissions.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue