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Volkswagen set to announce battery production plans

Key Points
  • Volkswagen's supervisory board is on the brink of announcing the automaker's entry into battery cell production, two people familiar with the matter told Reuters on Monday.
  • Production is expected to be implemented in Germany, one of the insiders said.
  • Currently the industry chiefly sources its requirements from Asian manufacturers.
The new electric car ID of the Volkswagen brand is presented in a glass cube in Berlin, May 8, 2019.
Kay Nietfeld | dpa | picture alliance | Getty Images

Volkswagen's supervisory board is on the brink of announcing the automaker's entry into battery cell production, two people familiar with the matter told Reuters on Monday.

Production is expected to be implemented in Germany, one of the insiders said. Volkswagen declined to comment. The supervisory board was meeting in Berlin on the eve of the annual general meeting.

Battery cells are a key battleground in the automotive industry as it shifts to electric mobility. Currently the industry chiefly sources its requirements from Asian manufacturers.

Volkswagen Chief Executive Herbert Diess said last year the company was considering building its own solid-state battery cells, with possible serial production from 2024 or 2025.

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Key Points
  • Daimler shares have moved lower in Monday trade.
  • It is speculated that a stake in the German firm is being quietly built on behalf of a Chinese partner firm.
  • European stocks were already struggling after a fresh trade tariff announcement from China.