Automakers are putting money into battery production

Automakers, under pressure to transition out of fossil fuel vehicles, are putting money into battery production.

German giant Volkswagen invested in Swedish startup Northvolt and also plans to build five other battery plants.

Its luxury sports car unit Porsche also said that it is setting up a joint venture with Customcells – a company in southern Germany specializing in lithium-ion cells – to produce high-performance batteries that will significantly reduce charging times.

Stellantis, which owns brands such as Alfa Romeo, Chrysler, Citroen, Dodge and Fiat, is working on two of its own, while electric pioneer Tesla wants to make its future gigafactory near Berlin one of the biggest in the world with 250 gigawatt hours of capacity by 2030.

European governments are backing the projects because they want the continent to maintain a major role in future automobile manufacturing.

Asian manufacturers are also investing in Europe.

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