Germany, Europe's biggest economy and the most reliant on Russian gas imports, has witnessed industrial output fall due to high energy costs caused by shortages. Notably, Volkswagen says that EV battery plants are ‘practically unviable’ in EU due to soaring energy costs.
Volkswagen's CEO stated that due to rising energy costs, electric vehicle battery facilities in the European Union are "practically unviable" at the present.
According to Thomas Schaefer, Chief Executive Officer of Volkswagen AG's name brand, additional investment in critical industrial projects such as battery cell plants in Germany and the EU is becoming increasingly untenable due to policymakers' incapacity to manage escalating long-term energy prices.
Since the conflict in Ukraine and the imposition of Western sanctions on Moscow, Europe, particularly Germany, has been rocked by the decline of Russian energy supplies to the union.
For the majority of 2022, the EU, the United Kingdom, and the United...
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