Volkswagen, partners to invest over $20 bln in car battery business

Member of the Board of Management Volkswagen AG Technology Thomas Schmall speaks during a press conference before the groundbreaking ceremony for German carmaker Volkswagen’s first battery cell production plant ‘SalzGiga’ in Salzgitter, Germany, June 7, 2023. REUTERS/Fabrizio BenschSALZGITTER, Germany, June 7 (Reuters) – Volkswagen (VOWG_p.DE) said on Thursday it would invest over 20 billion euros ($20.38 billion) in a battery cell business jointly with partners, creating 20,000 jobs and reaching annual sales above 20 billion euros by 2030 as it seeks leadership in the growing market.