Volkswagen and Bosch set up venture to make EU’s battery production self-sufficient
Volkswagen and Bosch have joined forces and will set up a venture by the year’s end to make Europe’s battery production self-sufficient.
The new company will provide integrated battery production systems, on-site ramp up and maintenance support, serving Volkswagen’s factories as well as plants across Europe.
“Europe has the unique chance to become a global battery powerhouse in the years to come,” said Thomas Schmall, Volkswagen Group Components’ chief executive. “There is a strong and growing demand for all aspects of battery production, including the equipment of new gigafactories.
“Setting out to establish a fully localised European supply chain for e-mobility made in Europe certainly marks a rare opportunity in business history.”
The news of Volkswagen and Bosch’s joint venture comes a day after preliminary estimates showed that across 18 European markets, more than a fifth of vehicles sold were electric, while diesel cars slumped to less than 19 per cent.
Volkswagen has planned to build six cell gigafactories by 2030 as part of its electrification push. In the last year, the group has sold worldwide 452,9000 battery-electric vehicles, going up 96 per cent on 2020 level, Morning Wire reported.