Volkswagen and BMW are investing $ 1 billion in a new battery plant. Details of the deal, further opportunities, improved quality and range of electric vehicles. Volkswagen and BMW are investing $ 1 billion in a new battery plant. Details of the deal, further opportunities, improvement of the quality and range of electric vehicles.
Northvolt (Sweden) said BMW and Volkswagen have agreed to invest $ 1 billion in total to build a new lithium-ion battery plant. According to reports, the construction of the plant will begin in August this year, and the production of batteries itself will begin in 2021. The initial capacity of the plant should be 16 GW * h, in the future plans to expand to 32 GW * h. For comparison, the capacity of the Tesla plant in 2018 was only 20 GWh.
The main investors were Volkswagen and BMW, which are actively developing the direction of the production of electric vehicles. According to Volkswagen, 12 major brands are planned to be produced by 2028. Their list will include about 70 new electric vehicles, but the total number of electric vehicles produced will reach 22 million. In 2019, the Volkswagen Group plans to start production of new serial electric vehicles. As a reminder, sales of the European version of the Audi e-tron started in March. In September 2019, Porsche will unveil an electric version of the Taycan. Next, the Volkswagen ID should appear on the market, as well as the ID Crozz crossover. The basis for these electric cars will be LG Chem, SKI, CATL and Samsung batteries.
It is reliably known that Northvolt, together with Volkswagen, will build a battery plant in Lower Saxony. The first batteries will appear at the end of 2023 or early 2024. The investment amount is 50/50, which means equal rights to further use the products in their electric vehicles.
