Stock Markets37 minutes ago (Oct 11, 2021 05:55AM ET)
© Reuters. FILE PHOTO: The VW logo is seen at the site of the first hearing against VW over the diesel emissions cheating scandal, at the Higher Regional Court in Braunschweig, Germany, September 30, 2019. REUTERS/Michele Tantussi/
PRAGUE (Reuters) -Europe’s largest carmaker Volkswagen (DE:) plans to decide in the first half of 2022 on the location for a planned battery cell plant in eastern Europe, it said on Monday.
Volkswagen earlier this year outlined plans to build six large battery cell factories across Europe by the end of the decade, with Hungary, Poland, Slovakia and the Czech Republic in the running for one of them to be opened in 2027.
The company said that it was still planning to firmly settle on a location for the plant in the first six months of next year and that it had not delayed the decision.
“As you know, what has to be taken into account for this decision are the country’s respective conditions, the economic environment, the e-mobility strategy and the subsidy framework,” a spokesperson for the company said.
The spokesperson said that Volkswagen CEO Herbert Diess and Thomas Schmall, board member in charge of technology, were visiting the Czech Republic on Monday for an exchange with its Skoda unit as well as on the country’s electrification strategy.
Czech Industry Minister Karel Havlicek had earlier said that Volkswagen had delayed the decision.
“It was assumed that they would decide by the end of the year, now it is moved to mid-2022, not only regarding the Czech Republic,” Havlicek told Reuters, confirming an earlier report by CTK news agency.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.