Volkswagen to invest in mines in bid to become global battery supplier

VW is beefing up its PowerCo unit to meet half of its own battery cell demand and also to sell to third-party carmakers

VW's investment in mines is part of a trend for carmakers to seek more control over supply chains which heretofore had mostly been left to third parties. Stock picture 

Volkswagen plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, the carmaker’s board member in charge of technology said.

Its strategy aligns with a wider trend of carmakers seeking greater control over parts of the supply chain traditionally left to third parties, from energy generation to raw material sourcing, as they compete for scarce resources they urgently need to meet electrification targets.