Volkswagen to Invest in Mines as Part of Bid to Become Global Battery Supplier

Share it

Volkswagen (VW) plans to invest heavily in lithium mining to become a major global supplier of electric vehicle (EV) batteries. The company’s strategy includes developing partnerships with mining companies, including those based in Australia and Chile, to secure the necessary raw materials for EV batteries. VW aims to be fully vertically integrated, from mining to battery production to recycling, by 2030. The automaker plans to build six battery factories in Europe by 2030 with a combined production capacity of 240 GWh per year. VW’s move is part of its broader strategy to become a fully electric car company by 2040, with 70% of its sales expected to be EVs by 2030. The investment in mining is also part of VW’s efforts to reduce its dependence on Chinese battery manufacturers.


Read the full article HERE!