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Published: Wednesday, June 12, 2019 @ 9:23 AM
Updated: Wednesday, June 12, 2019 @ 9:22 AM
By: The Associated Press
FRANKFURT, Germany — Volkswagen says it is taking a stake in Swedish battery cell producer Northvolt AB and plans a joint factory in Germany ahead of increased production of electric vehicles next year.
Wolfsburg-based Volkswagen said Wednesday that it would invest around 900 million euros ($1 billion) in joint battery activities with Northvolt that include acquiring an initial 20 percent in Northvolt.
Volkswagen plans to step up production and sales of E-cars next year with its forthcoming ID. 3 compact.
VW said it planned a 50-50 joint venture to build a battery cell factory in Salzgitter in its home region of Lower Saxony, whose government is a stakeholder in Volkswagen.
Plant construction would start in 2020 at the earliest and production for VW would commence at the end of 2023 or the beginning of 2024.