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Report: VW Looking to Partner with LG Chem and Panasonic

Volkswagen announced last month that it would be looking to get into the electric car game in a big way, and early rumors are emerging about possible deals with electric car battery specialists, such as LG Chem and Panasonic Corp.

A new report from Bloomberg, which spoke to company insider who spoke on condition of anonymity, claims that talks about teaming up with these companies are ongoing and that Volkswagen is considering investing in a number of factories, with investments of around $1.9 billion per plant.

Volkswagen has stated before that they’re investigating battery technology to power the fleet of electric cars that they’re planning and that that would probably require a number of factories, but denied to comment on the specifics of this story.

Teaming up with a battery expert makes a certain amount sense for VW, who are considered a fairly new player in this game. A recent report from Deutsche Bank suggests that VW would need as much as a decade to catch up with established players, like Toyota and Nissan.

They’re going to have to catch up, though, if they want to be an industry leader by 2025.

[source]

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