Volkswagen will buy $56.57 billion worth of battery cells for electric cars and has identified South Korea’s SKI, LG Chem and Samsung SDI as strategic battery cell suppliers.
Volkswagen AG and Ford Motor Co said on Tuesday they will join forces on commercial vans and pickups and are exploring joint development of electric and self-driving technology, actions meant to save the automakers billions of dollars.
Global automakers are planning a $300 billion surge in spending on electric vehicle technology over the next five to 10 years, with nearly half of the money targeted at China, accelerating the industry’s transition from fossil fuels and shifting power to Asian battery and electric vehicle technology suppliers.
VW will spend almost $50 billion on developing electric cars, autonomous driving and new mobility services by 2023 and explore further areas of cooperation with US automaker Ford.
Volkswagen Chief Executive Herbert Diess was given a memorandum warning the carmaker might face legal action in the U.S. over the use of cheating software in cars just days before the scandal broke, a public broadcaster reported on Friday.