Volkswagen Accelerates EV Plans With Battery Factory Opening In China's Hefei: Report
Portfolio Pulse from Shivani Kumaresan
Volkswagen AG has started operations at its first fully owned battery pack production facility in Hefei, China. This move is part of Volkswagen's strategy to expand its electric vehicle production in the world's largest auto market. The plant will begin mass production of electric models by the end of 2023, with an investment of approximately $208.01 million. CEO Oliver Blume is aiming for a €20,000 EV by the latter half of the decade. Volkswagen shares are currently trading down by 2.78% at $12.87.
November 21, 2023 | 5:45 pm
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Volkswagen AG has launched a battery pack production facility in Hefei, China, indicating a significant step in its EV expansion. The company is also working on a €20,000 electric vehicle. However, the stock is currently trading down by 2.78%.
The opening of the new battery factory is a positive development for Volkswagen's long-term strategy in the EV market, especially in China. However, the short-term impact on the stock is negative, as indicated by the current 2.78% decrease in share price. This could be due to market conditions or investor concerns about the costs and returns of the new facility.
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