Volkswagen Group, at its recently held supervisory board meeting, revealed some important strategic decisions in regards to its electrification offensive, its production capacities in Europe, an industrial solution for MAN Energy solutions and the preparation for the IPO of Traton.
Volkswagen is planning to set up a battery cell production facility in Europe under a partnership. It has approved an investment of just under one billion euros with the plant set to come up in Lower Saxony (Salzgitter). The Board is also looking up to a new multibrand plant in Europe.
Supervisory Board Chairman Hans Dieter Potsch said, “We approved important strategic decisions for the Volkswagen Group at today’s Supervisory Board meeting. As part of our comprehensive electrification offensive we plan to secure our battery capacities through strategic partnerships. At the same time, we wish to expand our production capacities in Europe to support our growth plans. Given the ever greater complexity of our industry and the related challenges, it is essential to focus on our core business.”
Volkswagen CEO Herbert Diess commented, “The automotive industry is in the midst of a fundamental transformation, a transformation that we are also vigorously driving forward at Volkswagen. We are pressing ahead with the electrification and digitalization of our fleet like no other automotive company. At the same time, we are building up innovative business areas over the coming years to cater for innovative mobility services. This is about aligning the Volkswagen Group to play a decisive role in shaping the sweeping transformation of our industry. Today’s decisions are important milestones for the future of Volkswagen.”
The chairman of the Group and General Works council, Bernd Osterloh, said: “The employee representatives on the Supervisory Board welcome the decisions, which they expressly support. These decisions set the course for the sustainable further development of secure jobs as well as profitability.”
The minister and president of Lower Saxony, Stephan Weil, commented: “Today’s decision by the Supervisory Board marks a breakthrough for battery cell production in Lower Saxony. The production of battery cells is crucial for the Number 1 automotive stronghold. These are positive signals for the Salzgitter location. I am very optimistic that battery cells can be produced in Germany at competitive conditions.”