Volkswagen, whose shares rose as much as 3.8 per cent, did not specifically say how much the plan will cost. It said in December that it planned to spend €35 billion ($41.7bn) on e-mobility as a whole by 2025.
The group had been a laggard on electrification until it admitted in 2015 to cheating on US diesel emissions tests and had to deal with new Chinese quotas for electric vehicles. It now has one of the most ambitious programmes in the industry.
Volkswagen said the European factories will have a joint production capacity of up to 240 gigawatt hours (GWh) a year, adding the first 40 GWh would come from Sweden s Northvolt, with production starting in 2023.
OTS: SHS VIVEON AG / Risikomanagement-Lösungen sind gefragt: SHS Viveon AG
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Risikomanagement-Lösungen sind gefragt: SHS Viveon AG schließt erfolgreiches Geschäftsjahr 2020 ab
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