A move to fully electrified cars will cost customers more than €3-trillion for batteries alone, Volkswagen CEO Herbert Diess has cautioned. China recently announced that it was working on a deadline to end fossil-fuel cars on its roads, while the UK and France have both put a 2040 deadline on a switch to electric or fuel-cell cars. Diess has warned that some car makers could miss China’s target date for ending internal combustion power because of a shortage of batteries and lithium. China, which he believes will lead the world towards electric cars, already has car makers working towards a target of 15% electrification by 2025. "If you think about 15% of electric cars by 2025 [globally], we need between 60 and 100 gigafactories, with an investment for each one of €5bn," Diess says. "Who is putting the money in? How long do they take to build? I think it [battery supply] will be a constraint." On Diess’s figures, moving to 100% battery electric vehicles (BEV) would demand between 400...

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