Volkswagen announced yesterday that it is now starting the subsidiary PowerCo, which will manufacture batteries for electric cars at a number of facilities in Europe.
PowerCo has plans to build six battery factories in Europe, so-called “Gigafactories”, which are said to be able to create 20,000 jobs. The first of these factories is now being built in German Salzgitter and it is expected to be ready for operation in 2025.
Volkswagen says in a press release that it plans to invest 20 billion euros, equivalent to almost 215 billion Swedish kronor, in the six battery factories that it plans to build in Europe.
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