VW exec says high energy prices will kill car battery production in Europe
‘Europe is not cost-competitive in many areas,’ said head of Volkswagen brand.
BERLIN — German car giant Volkswagen may stop investing in battery factories across the bloc if the EU fails to tame energy prices and beef up its industrial policy, according to a senior executive at the company.
"Europe is not cost-competitive in many areas, in particular, when it comes to the costs of electricity and gas," Thomas Schäfer, who runs the Volkswagen brand, said in a post on social media slamming Europe's industrial policy.
"If we don't succeed in quickly lowering energy prices in Germany and Europe, then investments in energy-intensive production, or for new battery cell factories, in Germany and across the EU will no longer be feasible," he said.
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