Volkswagen plans six large battery factories in Europe by 2030 to power sales of more electric cars while driving down battery prices and making electric vehicles more affordable for entry-level buyers.
Volkswagen said it would build on its existing battery production facilities at Salzgitter in Germany and with partner Northvolt in Skelleftea, Sweden, adding new production technology and a standardized cell that it said would cut battery costs by as much as 50%.
The world's second-largest carmaker by sales volume behind Toyota also outlined plans to work with partners to operate 18,000 fast-charging points in Europe by 2025, which it said would represent a five-fold expansion of what's currently available. Having more places to charge on longer trips is seen as another way to get more people to buy electric cars.
Battery costs are one reason electric cars are often more expensive than internal combustion equivalents. Europe's accelerating rollout of electric cars has been supported by expensive government and carmaker subsidies to bring the price down for consumers.
The Wolfsburg, Germany-based automaker on Monday outlined plans for a broad ramping up of its battery production during an online event dubbed “Power Day,” an apparent echo of competitor Tesla's annual “Battery Day” events where the company announces new steps in battery technology. Tesla is building a large battery factory near Berlin.
On top of the factory network, Volkswagen said it would introduce new battery technology and chemistry that aims to make production more efficient and lead to better performance, steps it said would help bring electric cars within the reach of more buyers.
“We aim to reduce the cost and complexity of the battery and at the same time increase its range and performance”, says Thomas Schmall, Volkswagen's technology chief. “This will finally make e-mobility affordable and the dominant drive technology.”
Last year Volkswagen tripled its production of electric cars to 422,000 to meet tougher European Union limits on average emissions of carbon dioxide, the primary greenhouse gas blamed by scientists for climate change. The company says it plans to produce 1.5 million a year by 2025.
Super Bowl Champion, Julian Edelman, talks Chiefs' conspiracies, his fave TSwift song and his bet for Super Bowl LIX. Plus, the best time for a bathroom break.
Ron Hammond, Sr. Director of Government Relations at the Blockchain Association, breaks down Trump’s plan to strengthen U.S. leadership in financial technology.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
The social video platform's future remains in doubt, as players scramble to profit from the chaos. Plus: Big oil gets bigger, DOGE downsizes, and tariffs!
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Chris Ruder, Spikeball Founder and CEO, explains how he and his friends put roundnet on the global map, plus, how Spikeball helps people "find their circle."
