Volkswagen Group to take a position just below €1B to arrange battery cell manufacturing facility with accomplice in Decrease Saxony

As a part of its electrification offensive the Volkswagen Group will transfer ahead with establishing a battery cell manufacturing facility in Europe underneath a partnership. To that finish, the Supervisory Board accepted investments of just below one billion euros. Volkswagen plans to find the battery cell manufacturing facility in Decrease Saxony (Salzgitter). The Group has additionally determined to start concrete negotiations on the deliberate new multibrand plant in Europe with the remaining potential areas. As well as, the Supervisory Board has requested the Board of Administration to start out the method to develop a forward-looking, industrially significant resolution for MAN Power Options (ES) and RENK AG. The main focus lies on opening future-oriented progress views for mechanical engineering within the Group, for instance although a three way partnership, partnerships, or a full or partial sale. Moreover, the Group will put together an IPO of TRATON SE to be launched earlier than the 2019 summer season break, topic to additional market developments.