- 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
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