Volkswagen (VW) secured €20bn in battery supplies to underpin an aggressive push into electric cars in the coming years, putting pressure on Tesla as it struggles with production issues for the Model 3. The car maker will equip 16 factories to produce electric vehicles by the end of 2022, compared with three now, VW said on Tuesday. The German manufacturer’s plans to produce as many as 3-million electric cars a year by 2025 is supported by deals with suppliers including Samsung SDI, LG Chem and Contemporary Amperex Technology for batteries in Europe and China. With the powerpack deliveries secured for its two biggest markets, a deal for North America will follow shortly, VW said. In total, the company has said it plans to purchase about €50bn in batteries as part of its electric-car push, which includes three new models in 2018 and dozens more to follow. From 2019, the 12-brand group will roll out a new battery-powered model "virtually every month", CEO Matthias Mueller said at the ...
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