Volkswagen to Invest in Mines in Bid to Become Global Battery Supplier

Volkswagen to Invest in Mines in Bid to Become Global Battery Supplier
The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair in Hanover, Germany, on Sept. 20, 2022. Fabian Bimmer/Reuters
Reuters
Updated:

BERLIN—Volkswagen plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, the carmaker’s board member in charge of technology said.

Its strategy aligns with a wider trend of carmakers seeking greater control over parts of the supply chain traditionally left to third parties, from energy generation to raw material sourcing, as they compete for scarce resources they need to meet electrification targets.