Volkswagen to intensify talks with Northvolt on battery project - Boersen-Zeitung

Reuters
FILE PHOTO: View of an emblem on a Volkswagen I.D. Buzz electric concept vehicle being displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch

FRANKFURT (Reuters) - Volkswagen is intensifying talks with Swedish startup Northvolt on plans to jointly build up battery cell production in Salzgitter, near its headquarters in Lower Saxony, one of its board members told a German newspaper.

Volkswagen earlier this month pledged to spend 1 billion euros (£881.4 million) on the project, which it says depends on certain economic pre-conditions, such as subsidised electricity.

In an interview published on Saturday, Volkswagen board member Stefan Sommer told Boersen-Zeitung he was confident that battery cell production in Salzgitter would be realised.

"We will intensify our talks over the next weeks with regard to a more detailed planning," he was quoted as saying, adding Volkswagen was also looking at other locations in Europe for potential battery cell production, not specifying further.

(Reporting by Christoph Steitz; Editing by Alexander Smith)