Volkswagen hopes models like the E-Up will improve the company’s image as well as its revenues. (Image: Volkswagen)

A multi-billion-euro electric vehicle battery factory could be coming to Germany if Volkswagen approves the idea. The German business daily Handelsblatt said VW has the plan under consideration and might make an announcement at the firm’s annual meeting on June 22. 

Citing unnamed company sources, Handelsblatt stated, “The company’s executive board looks likely to approve the plan, which is also supported in principle by the works council and the state of Lower Saxony, its major shareholder.”

The Dieselgate-bedevilled company hopes to expand its electric car sales to one million within a decade, according to the journal.

Earlier this month Benchmark Mineral Intelligence said at least 12 mega-factories are expected to be producing lithium-ion batteries by 2020.

While unveiling Tesla Motors’ Model 3 on March 31, CEO Elon Musk announced the company’s Nevada Gigafactory is “already operational today.”

Interview: Chris Berry discusses the lithium boom.

Read more at the original source: http://resourceclips.com/2016/05/28/volkswagen-ponders-a-german-gigafactory/