Volkswagen announced the establishment of a European company to oversee its electric vehicle battery business

According to foreign media reports, Volkswagen, which is committed to the development of electric vehicles and plans to build a number of electric vehicle battery factories in Europe, has announced the establishment of a European company to be responsible for its electric vehicle battery business.

Volkswagen announced the establishment of the European company on Wednesday local time. Judging from the information released by Volkswagen on its official website, the newly established European company will integrate Volkswagen's battery industry chain, covering many businesses in the battery field, from the processing of raw materials to the research and development of unified Volkswagen batteries, and will also manage the battery super factory built by Volkswagen in Europe.

In addition to the processing of battery raw materials and the development and production of batteries, the newly formed European company will also be involved in new businesses, including the recycling of discarded car batteries and the recovery of valuable raw materials from them.

Volkswagen also said on its official website that the Volkswagen Group is creating an efficient and future-proof architecture for the fast-growing battery business. As part of the new vehicle strategy, the Volkswagen Group aims to become the world's leading manufacturer of batteries for electric vehicles, and in order to achieve this, they are expanding their battery-related businesses and are committed to making it one of their core competencies.

According to the previously announced plan, Volkswagen will build six gigafactories in Europe to produce batteries. The plant in Salzgitter, Lower Saxony, is scheduled to start production in 2025, with an initial annual capacity of 20 GWh and subsequent phases of doubling to 40 GWh.