- Volkswagen AG (OTC:VWAGY) said its first overseas gigafactory for cell manufacturing will be established in St. Thomas, Ontario.
- After Salzgitter and Valencia, this will be the third Group-owned plant worldwide and battery company PowerCo’s first cell factory in North America.
- It will equip the Group brand’s BEVs in the region with battery cells and is part of a larger plan agreed upon with Canadian Prime Minister Justin Trudeau’s government in August last year.
- Also Read: Volkswagen Plans To Build Own US Plant For Scout Brand
- The start of production in the gigafactory is planned for 2027.
- “With the decisions for cell production in Canada and a Scout site in South Carolina we’re fast-forwarding the execution of our North American strategy,” said Volkswagen CEO Oliver Blume.
- Also Read: Volkswagen Said To Slash ID.3 Prices To Take On Tesla Model Y
- Price Action: VWAGY shares are trading higher by 0.25% at $18.36 on the last check Monday.
- Photo Via Company
ISM Manufacturing Index Might Decline Further To This Level In July, Here Are The Major Macro Issues For Monday
The Dow Jones jumped by more than 300 points on Friday despite Procter & Gamble Company (NYSE: PG) reporting mixed results for its fourth quarter.
Below is a look at the major economic reports scheduled for release today.
