A40 price action, page-388

Hamburg (Reuters) - Volkswagen wants to promote the development of a production of battery cells for electric cars in Europe together with the Swedish battery manufacturer Northvolt.Together with other partners from a total of seven EU countries, they are joining forces to form a consortium called the European Battery Union (EBU) to push battery research, the Wolfsburg announced Thursday. The alliance should focus on the entire value chain from raw materials through cell technology to recycling. The association, which is applying for funding, led by Volkswagen and Northvolt. The goal is to build a production of battery cells. The joint research activities should start at the beginning of next year.Northvolt is already applying for federal funding for the mass production of battery cells to be used in electric cars. Volkswagen had announced this. In total, more than 30 companies have applied for the billion-dollar subsidy, according to the Federal Ministry of Economics. Those interested include the German battery manufacturer Varta and the Munich carmaker BMW.Volkswagen is accelerating its entry into electromobility in order to meet the stricter EU climate regulations. The group wants to ramp up the production of battery-powered vehicles by 2025 to three million units a year. The Group has already signed agreements with several suppliers from South Korea and China for the supply of the necessary battery cells, but is also considering its own cell production.

from german: https://de.reuters.com/article/deutschland-volkswagen-idDEKCN1R20Y6