Volkswagen AG (VOWG) said earlier this week it was exploring locations for planned battery cell facilities in Spain and Eastern Europe, while the exact sites for the new gigafactories would be decided in the first half of next year.
“Volkswagen intends to open two more battery cell factories in Europe by 2030,” the auto maker said in a statement.
The company also announced the establishment of a “European company (Société Européenne) to consolidate activities along the value chain for batteries – from processing raw materials to developing a unified Volkswagen battery to managing the European gigafactories.”
As of 9:29 GMT on Tuesday the shares of Volkswagen AG were retreating 0.69% (EUR 1.90) on the day to trade at EUR 275.10 in Frankfurt.
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