Volkswagen Entered into a Partnership with Samsung and LG Chem worth $25 Billion.
Volkswagen is on the verge of bursting onto the scene of Electric cars after having only two battery-electric models in production, both several years old. The company has an ambition of launching 30 electric cars across all brands by 2025.
At its annual press conference held on Tuesday morning, Volkswagen said something that should make the rest of the automotive industry keep an eye out. The German automaker has entered a partnership with Samsung and LG Chem for lithium-ion battery cells for the electric cars it builds in Europe. The deals are worth a substantial amount of $25 billion which will be payed over the lives of the contract.
The organization said a year ago it would want to secure battery-supply contracts totaling $62.5 billion to incorporate within electric cars for practically the majority of its 12 brands. VW is now working on the same for the electric cars it plans to build in North America.
VW has already released four Volkswagen ID concepts, the first of which will go into production from November 2019. The Volkswagen I.D. Buzz is an electric minivan based on the electric MEB platform, and part of the I.D. series. It was first shown as a prototype at the 2017 North American International Auto Show.
