VW delays deciding location of next EV battery facility

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VW delays deciding location of next EV battery facility
Credit: © Reuters.

As demand for electric vehicles continues to wane in Europe, Volkswagen (ETR: VOWG_p ) chairman, Oliver Blume revealed Wednesday that the German automaker will hold off on choosing a location for the company’s fourth battery factory.

Volkswagen has been exploring potential locations for an electric car battery gigafactory in Eastern Europe. A year ago, the company postponed its decision while evaluating sites in the Czech Republic, Hungary, Poland, or Slovakia.

Earlier this year, the company said that they are in no rush to decide on a location.

"Based on market conditions, including the sluggish ramp up of the BEV (battery electric vehicle) market in Europe... there is for the time being no business rationale for deciding on further sites," Blume said in a statement.

Czech officials said Wednesday that they intend to present their suggested locations to other potential investors. They emphasized that they could no longer delay the decision and could not afford to wait any longer.

During his recent visit, Blume engaged in discussions with Czech officials, highlighting the country's eagerness to attract the investment. The Czech Republic is striving to safeguard the future of its crucial automotive sector amid the global transition away from traditional fossil fuels.

"We cannot continue to hold the land for this project," Prime Minister Petr Fiala said during a news conference.

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