Volkswagen is reportedly preparing to make a major investment in electric car technology and hopefully buy some positive press as well. Less than a year after its enormous emissions scandal and the massive recall that followed, the German car company may spend up to $15.5 billion to build a manufacturing plant for electric car batteries. The move would support the company’s lofty goal to sell one million electric and hybrid vehicles annually by 2025.
The massive battery factory isn’t a done deal, though. Financial Review, quoting a report in Germany’s Handelsblatt newspaper, reported that VW’s CEO Matthias Müller, who stepped into the role after former chief executive resigned amid last year’s scandal, will unveil plans at the company’s supervisory board meeting next month. A VW spokesperson wouldn’t confirm the report, calling it “speculation.”
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Industry experts agree that a giant battery manufacturing plant for the car company would make sense, considering VW’s aim to become a global leader in mass market electric cars. Building a battery factory seems like a natural progression in the company’s portfolio, building on previous investments the company has made to support electric vehicles, including $10 million in charging infrastructure in the United States. VW has a long way to go to reach its goals, though, given that they sold just 67,000 electric vehicles last year around the world, most of which were hybrid models.
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