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Volkswagen Wants To Be Samsung To Tesla's Apple | How We Move
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June 25, 2021
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2:26Now Playing“Let me begin with the obvious: e-mobility has won the race,” Herbert Diess, chief executive officer of Volkswagen. “It is the only solution to reduce mobility emissions fast.”
Diess was speaking at an event VW dubbed “Power Day,” where the company laid out its big plans for beating Tesla Inc. and becoming the world’s largest maker of electric vehicles. Instead of talking about cars, design, or other customer-facing features, however, most of the splashy event was spent on a boring-looking thing that goes inside EVs: the lithium-ion battery.
That’s because batteries make up more than 30% of an electric car’s cost. And with every automaker looking to pivot to EVs, it’s not just about getting batteries at the cheapest price possible but securing enough supply to meet those ambitions.
The pivot won’t be cheap. VW announced it plans to build six battery factories across Europe by 2030, which BloombergNEF estimates would cost about $29 billion. It is also making investments in unifying the design of its battery and in recycling precious metals.
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