VW tenders for US$16bn worth of batteries
Korean press report that Volkswagen (ETR:VOW3) has sent letters of intent to Asian battery makers to source batteries for use in the fifth stage (TR5) of its MEB platform. The size of the project is unknown but is thought to be around KRW20tn (US$16bn). LG Chem (KRX:051910), Samsung SDI (KRX:006400), SK Innovation (KRX:096770), and CATL (SHE:300750) have all replied that they wish to participate. LG Chem won the TR1 order, TR2 was split regionally with LG Chem and Samsung winning Europe, SK Innovation the US and CATL China. It is thought that VW is pushing suppliers very hard on battery...