Volkswagen has reportedly earmarked EUR20 billion ($25bn) to buy in lithium batteries for its electric vehicle business from China’s CATL, South Korea’s LG Chem and Samsung SDI.
China’s state Xinhua News Agency said the move was agreed by VW at its annual general meeting in Berlin— although BBB could not independently confirm the report.
According to Xinhua, VW will use the batteries in its planned production of three million electric vehicles annually by 2025.
Volkswagen said last year it planned to invest more than EUR50 billion ($60bn) in battery cells and related technology.