CHECKOUT COUNTER: Volkswagen’s electric ambitions avenue
The world’s largest car maker has reportedly secured US$25bn in battery supplies to underpin a push into the electric car market
1. Volkswagen’s electric ambitions avenue The world’s largest car maker, Volkswagen, has reportedly secured US$25bn in battery supplies to underpin a push into the electric car market. Volkswagen will equip 16 factories to produce electric vehicles by the end of 2022, compared with three currently. By the end of 2025, the group plans to be producing 3m electric cars a year. 2. Richemont’s YNAP offer gets Italy’s approval Italian market watchdog Consob approved a bid by Cartier owner Richemont for the full control of online luxury retailer Yoox Net-a-Porter, the Swiss group said. The offer is valued at €2.69bn. Richemont already owns 49% of the company. YNAP was established after Net-a-Porter, a UK-based designer fashion site, merged with Yoox, an Italian fashion and tech company. 3. Finnish government buys Nokia stake The Finnish government has acquired a 3.3% stake in Nokia in a bid to shore up national ownership. Solidium, the government’s investment fund, bought the stake for €84...
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