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VW secures USD 25 billion battery supplies in electric-car push

Volkswagen has secured EUR 20 billion for major push into electric cars. The German manufacturer has plans to produce as many as 3 million electric cars a year by 2025.

Photo: /ritzau/Jens Dresling/

Volkswagen AG secured 20 billion euros (USD 25 billion) in battery supplies to underpin an aggressive push into electric cars in the coming years, putting pressure on Tesla Inc. as it struggles with production issues for the mainstream Model 3.

The world's largest carmaker will equip 16 factories to produce electric vehicles by the end of 2022, compared with three currently, Volkswagen said Tuesday in Berlin. The German manufacturer's plans to produce as many as 3 million electric cars a year by 2025 is backstopped by deals with suppliers including Samsung SDI Co., LG Chem Ltd. and Contemporary Amperex Technology Ltd. for batteries in Europe and China.

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