Volkswagen head Thomas Schäfer states industrial projects for electric cars not viable without policy to control rising energy prices
As German automotive manufacturer Volkswagen(VW) prepares for an electric future, the company´s chief Thomas Schäfer is concerned that the lack of policy to control the rising prices of energy, could be a huge obstacle for future of the industry.
According to a report on Monday, November 28 by Automotive News Europe, Schäfer, VW´s chief operating officer said, “Unless we manage to reduce energy prices in Germany and Europe quickly and reliably, investments in energy-intensive production or new battery cell factories in Germany and the EU will be practically unviable”.
Schäfer made the statement referring to the recent meeting between the French and German economy ministers. He said, “An outline for industrial-policy cooperation hatched by the French and German economy ministers last week falls short in crucial areas and does not address the envisaged priorities”.
The report said VW plans to set up six battery factories across Europe by 2030. The automotive giant will be operating this project under its own brand called PowerCO which was launched in a joint venture with Umicore. Both the companies signed a deal in June worth 3 billion euro this year, the report added.
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