Volkswagen Board take important decisions for future of the Group
As part of its electrification offensive the Volkswagen Group is to move forward with setting up a battery cell production facility in Europe under a partnership. To that end, the Supervisory Board approved investments of just under one billion euros.
The Company plans to locate a battery cell production facility in Lower Saxony (Salzgitter). It was also decided to begin concrete negotiations on the planned new multibrand plant in Europe with the remaining potential locations.
In addition, within the industrial vehicle divisions the Volkswagen Supervisory Board requested the Board of Management to start the process to develop a forward-looking, industrially meaningful solution for MAN Energy Solutions and Renk. The focus lies on opening future-oriented growth perspectives for mechanical engineering in the Group, for example though a joint venture, partnerships, or a full or partial sale.
Furthermore, it was decided to prepare an initial public offering (IPO) of Traton to be launched before the 2019 summer break.