Volkswagen Group Board Member Thomas Schmall explained the advantages of PowerCo.
“PowerCo will consolidate our global battery business across the value chain. From materials, to research and development, to in-house production and recycling,” Schmall explained.
“The unified cells and standard plant will set a new industry standard. This will allow PowerCo to grow its business at high speed and at the lowest cost. The new company is set to become a leading player in cell manufacturing. I I am convinced that, in the race to take the lead in e-mobility, PowerCo gives us enormous advantages,” he explained.
Powerco is the global battery division of Volkswagen. Its international plant in Salzgitter will develop cell technology and engage in raw material sourcing. VW also plans to supply machines to other factories through PowerCo. The battery division also plans to develop battery storage units for the grid in the distant future.
Volkswagen AG CEO Herbert Diess noted that the battery cell business is the cornerstone of the company’s NEW AUTO strategy, which focuses on four technology platforms. Battery and charging is one of the technology platforms, while mechatronics, software development and mobility solutions make up the rest.
“Establishing our own cell factory is a mega-project in technical and economic terms. This shows that we are bringing the cutting-edge technology of the future to Germany! said Diess.
The Salzgitter plant is expected to reach 40 GWh of annual battery production, focusing on the production of unified prismatic cells. At 40 GWh, PowerCo’s international plant would produce enough cells for 500,000 vehicles.
Together with the battery division, VW plans to invest more than $20.3 billion in six European battery gigafactories through 2030. The battery division’s six cell factories are expected to have a capacity of up to 240 GWh per year, enough batteries for 3 million electric vehicles per year. PowerCo also plans to build battery factories in North America.
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