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Volkswagen To Invest About EUR 1 Bln In Battery Cell Production In Europe

(RTTNews) - Volkswagen (VKW.L, VLKAF.PK, VOW.BE) said it will invest about 1 billion euros in a battery cell production facility in Europe, and has decided to simplify the group through full or partial sale of its unit MAN Energy Solutions and RENK.

The company also decided to resume preparations for an initial public offering of its trucks unit Traton, to be launched before the 2019 summer break.

"We approved important strategic decisions for the Volkswagen Group at today's Supervisory Board meeting. As part of our comprehensive electrification offensive we plan to secure our battery capacities through strategic partnerships..," Supervisory Board Chairman Hans Dieter PA¶tsch said.

Volkswagen noted that it plans to locate a battery cell production facility in Lower Saxony. It also decided to begin concrete negotiations on the planned new multibrand plant in Europe with the remaining potential locations.

In addition, Volkswagen said it will start the process to develop an industrially meaningful solution for MAN Energy Solutions and RENK AG, including joint venture, partnerships, or a full or partial sale.

The company said it decided to resume preparations for an initial public offering of its trucks unit Traton, which it put on hold in March in light of the difficult market environment at that time.
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